California-based RIA EP Wealth Advisors has acquired the business of Abbas Heydary, adding financial planning expertise to its Torrance base.
Financial terms of the deal, which was finalised on 29 January 2021, were not shared.
Heydary focuses on offering financial planning and portfolio management for HNW individuals and families.
As part of the transaction, Heydary, who has over 35 years in the wealth management space, joins EP Wealth as a consultant.
EP Wealth’s buying spree
The latest deal adds to EP Wealth’s ongoing consolidation activities.
Last month, the company acquired Vancouver-based NewFocus Financial Group, adding over $700m in assets to its books.
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After taking an investment from Wealth Partners Capital Group (WPCG) in July 2017, EP Wealth has completed acquisitions in Texas, California, Colorado, Washington, Arizona, Illinois, and Utah.
The company has surpassed $10bn in AUM at the end of last year as a result of its organic and inorganic growth initiatives in the last three years.
In November last year, the company acquired Harris Financial Advisors, also headquartered in Torrance.
Last February, EP Wealth added a Texas presence by acquiring International Research & Asset Management. The transaction brought over $394m in assets to EP Wealth.
Last year, EP Wealth extended its presence to the greater Chicago region through the purchase of Guidant Wealth Advisors.
In 2019, EP Wealth snapped up Pathlight Investors, Conlon Dart Wealth Management, Personal Financial Consultants, and CPIC International.
Other RIA M&As
The RIA space in the US has been rampant with M&A activities of late.
Last month, Colorado-based RIA aggregator Mercer Global Advisors took over Virginia-based wealth management firm Pinnacle Wealth Solutions.
The same month, RIA aggregator Wealth Enhancement Group purchased Connecticut-based RIA Reby Advisors, which oversees about $727m in client assets.