Beverly Hills Wealth Management (BHWM) has launched an internal asset management division with the acquisition of McComsey Asset Management, a small money manager with US$29 million in assets.
With the new asset management division, BHWM Asset Management, BHWM advisors will have exclusive access to for use their clients’ financial plans.
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The deal will add six equities strategies to BHWM and pushes assets at BHWM over the US$500 million mark. Financial terms of the deal were not disclosed.
BHWM Asset Management, which claims compliance with GIPS, said that it will migrate track records and deploy large cap, small cap, and private fund for accredited advisors and Mutual Fund/ETF program.
Mark McComsey, founder of McComsey Asset Management, runs six strategies with a focus on equities experiencing upside earnings surprises.
John Stuart, chief information officer at BHWM, said: "There is a considerable benefit to having direct access to a talented portfolio manager in an independent environment. GIPS compliance and institutional disciplined strategies are not a common attribute for most Independent Advisors."
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