Western Alliance had purchased Shine Investment Advisory Services as part of its strategy to buy RIA firms in multiple markets in the western US and refer affluent bank clients to them.
The current transaction continues a trend of RIAs buying back their firms from large financial services concerns that decided to shed non-core assets following the 2008-2009 financial crisis.
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The terms of the transaction have not been disclosed.
The recent years has seen several RIAs finding themselves unwinding sales of their firms.
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