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March 9, 2017

BDO USA to take over LBA Wealth Management

Accounting and consulting firm BDO USA has agreed to acquire LBA Wealth Management, a Florida-based fee-only investment advisory firm, to bolster its wealth advisory practice.

By Verdict Staff

Accounting and consulting firm BDO USA has agreed to acquire LBA Wealth Management, a Florida-based fee-only investment advisory firm, to bolster its wealth advisory practice.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

Jacksonville-based LBA manages $350m in assets, and employs seven professionals. The takeover of the firm will boost BDO Wealth’s assets under management to $700m.

The deal is expected to close on 1 April 2017, subject to customary closing conditions. LBA Wealth Management managing partner David Albaneze will join BDO Wealth Advisory as managing director for Southeast region as part of the deal.

BDO USA Wealth Advisory Services national leader Steve Parish said: “I want to welcome Dave Albaneze and his staff to BDO. LBA’s experience working with high-net worth clients in Jacksonville, Gainesville and throughout North Florida, combined with our previous expansion in South Florida last year, greatly increases our wealth management resources in the state of Florida.

“Florida will serve as a stronghold for the continued expansion of our Wealth Advisory practice throughout the Southeast.”

The latest deal comes after BDO USA acquired Jacksonville-based accounting firm LBA Group in November 2016. Both LBA Wealth Management and LBA Group will now cohabitate in BDO’s offices in Jacksonville.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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