American investment management consulting firm Asset Strategy Consultants (ACS) has expanded its wealth management unit with the purchase of Baltimore-based RIA firm Belay Group.
Financial terms of the deal were not revealed.
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Belay Group president Tony King will now serve as the head of Private Wealth at ACS.
In a financial services career spanning over 25 years, King worked as a managing director at Wells Fargo for more than two decades.
King said: “ASC’s independent open architecture model will be a great advantage for existing and future private wealth clients. Belay Group is the ideal fit for ASC as we continue building on our wealth management offerings.”
Commenting on the deal, ASC Hunt Valley headquarters principal Bobby Merrick added: “We are excited to expand our expertise and practice with the addition of Belay Group and Tony King.
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By GlobalData“This is the second major hire we have made in the past year. Tony’s leadership in private wealth enhances the industry-leading financial services we deliver every day to our clients. We look forward to growing our business together.”
ASC, which has over $10bn under advisement, offers customised consulting solutions to fiduciaries of endowments, foundations, retirement plans, operating reserves, and private wealth.
Last year, ASC hired former Johns Hopkins Office of Investment Management CIO and deputy CIO Andy Conner with the aim of strengthening its Outsourced Investment Office business.
Recent M&A deals in the US wealth space
The US wealth management space has been recently active with a number of mergers and acquisitions.
Earlier this month, Australian investment bank Macquarie Group brokered a deal to buy US-based investment management firm Waddell & Reed Financial for $1.7bn.
Last month, Canadian wealth manager CI Financial agreed to take a majority interest in Dallas, Texas-based RIA RGT Wealth Advisors.
The same month, California-based wealth advisory firm Beacon Pointe Advisors merged with Louisiana-based peer CBD Wealth Management, adding $690m in assets to its books.
It followed Muncie, Indiana-based First Merchants’ deal to acquire Indianapolis-based trust and investment management firm Hoosier Trust Company, which oversees $300m in assets.
