Family Office & RIA Roundup

Take a Lap Around the Industry

• Constellation Wealth Capital Invests $150M in $60M RIA Cresset (Citywire)
  
• Abu Dhabi-affiliated Mubadala Capital to Take CI Financial Private (Citywire)
• Standard Chartered Expands Wealth Planning Team (Private Banker International)
  
• The 9 Largest NYC Tech Startup Funding Rounds of November 2024 (Alleywatch)
  

Family Office Deal Tracker

• With support from Ben and Lucy Ana Walton's family office, Zoma Capital, Blue Bear Capital, a venture firm specializing in AI solutions for energy, infrastructure, and climate challenges, has closed its $160M Fund III and a follow-on vehicle
• Tenstorrent, the AI chip start-up specializing in scalable artificial intelligence accelerators for both the cloud and Edge, has received $693M in a Series D funding round with backing from Bezos Expeditions
• Katalyst Capital has participated in a $10.4M Seed funding round for Fello, a peer support platform aimed at combatting the loneliness epidemic 
• Enveda, a biotech company leveraging AI to develop new medicines from nature, announced the close of an oversubscribed $130M Series C funding round with support from Azim Premji's family office
  Source: FINTRX Data

New RIA Launches

• Former Steward Partners advisors, Liana Poodiack and her son Travis Poodiack, have formed a Keene, NH-based RIA called Birch Financial Group
• Chicago-based father and son duo, Mark and Steven Resnik, launched their own RIA, Burling Wealth Partners, with over $750M in AUM
• Corient co-founder, Jon Tenney, departs to form SoCal RIA, Thece Wealth Management, with former Corient partner Jake Halladay
• John Thiel, former Merrill Lynch Wealth Management head, is launching Indivisible Partners, an independent RIA in the first quarter of 2025

Advisor M&A Activity Tracker 🚨

• Waverly Advisors acquired Buckingham Advisors, adding four Ohio locations and over $900M in AUM, expanding Waverly’s national presence
• Buckingham’s 38 professionals, including founder Jay Buckingham, join Waverly, with Jay becoming Regional Director and Jeff Groezinger taking on dual roles as Regional Director and Managing Director 
• The acquisition introduces Waverly Business Services, offering expanded tax planning, tax preparation, and business services for clients
• This marks Waverly's 19th acquisition since partnering with Wealth Partners Capital Group and Aspire Holdings, increasing its AUM to $15.5M as of November 2024
  (Pulse2.0)

Reps On the Move

• Citi Wealth, a division of Citigroup, has named Kate Moore as its Chief Investment Officer (Wealth Briefing)
• Andrew Erickson has joined Avantax from Edward Jones with $143M in client AUM to lead ClearGuide Wealth, a Park Ridge-based practice specializing in tax planning, retirement consulting, succession planning, risk management, and exit strategies (Citywire)
• Steve Salmon, a former LPL-affiliated advisor from Edina, MN, managing $110M in client assets, cited Ameriprise’s resources for solo advisors as his motivation for making the move (Citywire)
• Blackstone unveils key leadership changes and launches new client coverage initiatives, appointing veterans Farhad Karim as Global COO of Private Wealth Solutions and Chris Sullivan as Head of Sponsor Coverage, while Adam Lane joins as Head of Consultant Relations (Business Wire)

The Transformation of Family Offices Continues...

Industry Buzz  👀 

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