Miracle Mile Advisors has completed its acquisition of New York-based Castle Asset Management, adding four new members to team.
The deal, whose financial terms are unknown, increases Miracle Mile’s assets under management (AUM) by $375m. The firm currently oversees $3bn in assets.
In addition, Castle also expands Miracle Mile’s presence on the East Coast. It will continue to offer their clients financial strategies focused on wealth.
Miracle Mile Advisors president Matt Granski said: “The decision to partner with the Castle team was a no-brainer. John and his team bring a wealth of expertise and a value-system that mirrors our award-winning culture. We are thrilled to welcome them to the team as we expand our footprint on the east coast.
Castle Asset Management owner John Caffrey added: “Castle’s goal has always been to create additional wealth and protection from financial loss. We look forward to continuing this as part of the Miracle Mile team.”
Established in 2007, Miracle Mile offers financial planning and personalised investment management offerings to high-net-worth (HNW) individuals, families, business owners, and institutions
The firm has been accelerating its consolidation activities over the last few years to expand its footprint across the US.
The latest deal follows its purchase of Johnstone Financial Advisors, which expanded its presence in the Pacific Northwest.
Last year, Miracle Mile took over a number of firms, including Angeles-based Aequitas Wealth Management.
The same year, the firm secured an investment from Merchant Investment Management to propel its growth plans. As part of this deal, Merchant took a minority stake in the firm.