Mergers & Acquisitions
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Envestnet acquires tech company Upside
Outsourced investing platform will use Upside's portal for financial planning and investment management in effort to keep advisers ahead of robo trend.
LPL shakes up Fortigent HNW consulting group
Once restructuring is completed, the company expects $3 million in annual savings after taking $9 million charge to move Fortigent unit to corporate headquarters in Charlotte, N.C.
Stifel to acquire Sterne Agee for $150 million
$150 million acquisition adds about 730 advisers and independent reps managing more than $20 billion in client assets to the St. Louis firm run by Ron Kruszewski.
ETF outdoes hedge funds in the M&A game
In trying to capitalize on the news of mergers and acquisitions, hedge funds are being outdone by an exchange-traded fund clone.
Stifel deal for Sterne Agee would beef up IBD ranks
A potential acquisition of Sterne Agee Group Inc. by Stifel Financial Corp. would greatly bolster Stifel's presence in the independent broker-dealer industry.Stifel has 1,943 employee reps and advisers in the in the traditional employee model of retail brokerage, but only 188 in the independent
Stifel in talks to acquire Sterne Agee
A deal, which would combine two of the biggest U.S. brokerages outside of New York, could be announced within days, according to a person with direct knowledge of the matter.
United Capital pivots with $2 billion hire
Firm now focused on hiring advisers from larger companies, even wirehouses, as it shifts away from acquisitions.
Salient Partners buys Forward Funds with liquid alts expansion in mind
Salient Partners is buying Forward Management in an effort to build scale in the rapidly growing liquid alternatives space.The deal, announced Wednesday and scheduled to close by July, creates a $27 billion asset management firm, including 36 mutual funds, separate accounts, and at least one hedge
TA Associates acquires Orion Advisor Services in NorthStar deal
Boston-based private equity firm TA Associates announced on Monday that it is acquiring majority interest in NorthStar Financial Services and its nine subsidiary providers.
London Stock Exchange officially puts Russell Investments on the block
Exchange says it has received inquiries from firms interested in picking up the money manager.
ARC REITs sign up KPMG as new auditor
A number of American Realty Capital nontraded real estate investment trusts and programs have signed up Big Four accounting firm KPMG as their new auditor. On January 22, Grant Thornton, the accountant for eight ARC nontraded REITs and a handful of other products, resigned.The ARC REITs disclosed
SS&C scoops up Black Diamond-owner Advent
In the second major adviser tech acquisition of the day, SS&C Technology said it agreed to pay $2.7 billion for Advent Software Inc., whose portfolio management software is widely used by advisers.
Exclusive: Fidelity to acquire eMoney Advisor in major adviser-tech deal
The Boston fund giant will acquire eMoney Advisor, a top financial-planning software manufacturer, in a move that could resonate as one of its most potent adviser-technology deals to date.
Wealthfront, Edelman clash on robo-advisers
The old guard of wealth management clashed with the new as Ric Edelman delivered a bleak assessment of his peers' future during a spirited debate with Adam Nash, the top executive at Wealthfront.
AMG Wealth acquires $6 billion RIA
AMG Wealth, which has been making investments in advisory firms in recent years, kicked off 2015 with a bang: taking a majority stake in San Francisco-based Baker Street Advisors.