US-based Evensky & Katz Wealth Management has integrated its operations with Foldes Financial Management.
The merger will create one of the largest independent registered investment advisory (RIA) in South Florida with nearly US$1.5 billion assets under management and a team of 25 staff.
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Commenting on the merger, Evensky & Katz managing partner McGrath said: "This is such a great outcome for all clients and staff of both organizations."
"The combined intellectual capital is a direct benefit to our respective clients and the collective resources of the two firms will allow us to provide even better service.
"Both firms take pride in our academic and institutional approach to wealth management as well as our fiduciary duty to our clients," McGrath added.
As per the terms of the merger agreement, Evensky will remain acting as the chairman of the firm and Foldes will serve as vice-chairman. Furthermore, Foldes will join the firm’s investment and management committees.
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By GlobalDataServing nearly 400 clients, Foldes Financial Management manages approximately US$600 million and works with professionals, small business owners, corporate executives and inherited wealth.
Operating as an employee owned firm, Evensky & Katz, delivers customized, fee-only, wealth management advisory services to affluent individuals and families, non-profits and corporations across the US.
