B. Riley Financial has launched wealth management unit with the acquisition of New York-based registered investment advisor MK Capital Advisors.
Following the acquisition, MK Capital Advisors will become a wholly-owned subsidiary of B. Riley Financial.
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MK Capital Advisors, founded by Michael Kramer and Mark Klein, offers comprehensive advisory services to ultra-high net worth families and individuals.
Kramer will be appointed as the CEO of the new division, and will operate with the same team of advisors serving MK Capital Advisors along with Klein.
B. Riley Financial chairman Bryant Riley said, "Mark has been the CEO of two public broker-dealers, both of which experienced increased shareholder returns and improved operating efficiencies. Having served on the Board of National Holdings Corporation and Great American with Mark, I have had firsthand experience working with him and view him as a true partner whose mandate is to help us increase shareholder value through utilizing his skillset in all aspects of B. Riley Financial."
Kramer previously also served as the CEO of a New York-based physician management company, and before that was a practicing cardiologist on the faculty of the Mt. Sinai School of Medicine.
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By GlobalData"Michael has more than a decade of experience in asset and wealth management, with a very successful track record as a portfolio manager. In addition to serving as Managing Director of Asset Management at Ladenberg Thalmann, he worked at NBG Securities and Stonewall Capital," added Riley.
The offices of the new wealth management division will remain at 590 Madison Avenue in New York City.
