LPL Continues with Acquisitions, M&A Activity Stays Strong, and Creative Planning Marks its First Deal of 2025 in this Week's Edition...
Take a Lap Around the Industry
Morningstar Advisory Platform Integrates with Black Diamond (Citywire)
Ex-Mercer, Laird Norton Advisors Launch Washington RIA (Citywire)
Former LPL and Merrill Tech Exec Joins Board of AI Startup (Citywire)
Tony James’ Family Office Spinout Gets $370 Million for Private Equity Bets (Bloomberg)
Family Office Deal Tracker
With participation from Invus Group Family Office, Bambusa Therapeutics has raised $90M in a Series A finance round to help advance bispecific antibodies for immunological and inflammatory disorders
Boston-based Newleos Therapeutics, a neuroscience company, has raised $93.5M in a Series A financing round with backing from Arkin Holdings
Morgan Creek Capital Management has participated in a $100M Series B funding round for EnCharge AI, a start-up focused on developing analog in-memory-computing AI chips
Saudi Arabian fintech company, Tabby has raised $160M in a Series E funding round at a $3.3B valuation with backing from Blue Pool Capital Family Office Source: FINTRX Data
M&A Activity Tracker 🚨
$5B Ohio-based Carnegie Investment Counsel has purchased $1.3B Eagle Ridge Investment Management boosting Carnegie’s workforce size by 25%
New York-based Tocqueville Asset Management has expanded its business by purchasing Poplar Forest Capital, a $1.3B investment firm
Marking its first deal of 2025, Creative Planning has acquired California-based RIA, Maxwell Wealth Strategies, bringing in $290M in AUM
The $560M Louisville, KY wealth management firm, Reliant Wealth Planning, has been acquired by Bluespring Wealth Partners
Private Wealth Movement
After leaving UBS, father-son advisors Bill and Andrew Bruen joined LPL Financial's network, aligning with Paradigm Partners
Spanning four generations, the Bruen family has provided wealth management services in Morristown, NJ since 1922
Seeking independence, they launched Bruen Wealth Management under LPL to maintain control over their practice and client relationships
Both are active in their community, serving on boards and organizations, while LPL and Paradigm Partners welcome their multigenerational expertise (Pulse2.0)
Andrew Bruen
Bruen Wealth Management
Reps On the Move
Partners Wealth Group has named Fraser Herd as head of wholesale investments, tasking him with driving the growth and development of its private investment opportunities. (Financial Standard)
Concentrating on the Asia South market, Hoo Peng Han has been appointed as director of Citi Private Bank's global family office group (Wealth Briefing)
The US-based lender, IBD Bank, names
its new executive vice president and head of private banking & wealth management in New York, Christian Rocchio (Yahoo Finance)
Ivan Minkov has been appointed CEO of Florida-based investment advisory and retirement planning company, Global Wealth Management (Yahoo Finance)
Hoo Peng Han
Director of Citi Private Bank's Global Family Office Group
Vanguard Overtakes State Street in ETF Race as Low Fees Fuel VOO’s Rise
Vanguard’s flagship S&P 500 ETF, VOO, has overtaken State Street’s SPY to become the world’s largest exchange-traded fund, marking a pivotal shift in the ETF landscape. With assets reaching $631.8 billion, VOO’s ascent is fueled by its rock-bottom 0.03% expense ratio and the growing preference for low-cost passive investing. The fund’s rapid growth highlights the broader industry trend of investors moving away from higher-cost active funds in favor of ETFs. While SPY remains a staple for traders due to its deep liquidity and derivatives access, VOO’s dominance underscores how long-term investors favor Vanguard’s structure and fee advantages. Despite State Street’s efforts to counter with lower-cost alternatives, Vanguard’s vast distribution network and investor loyalty continue to drive fund flows. As the ETF industry surpasses $10 trillion in assets, VOO’s rise cements Vanguard’s position as a dominant force in passive investing.
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