Merchant Investment Management has invested in Miracle Mile Advisors, a Los Angeles-based independent investment advisory business, to support the latter’s growth plans.

The amount invested by Merchant was not revealed, other than the fact that Merchant took a minority equity stake in Miracle.

Miracle Mile, a $2bn RIA established in 2007, has several offices in Southern California and a workforce of over 30.

The firm prioritises organic growth and next-gen recruitment as it eyes sustainable acquisitive growth.

Since 2016, it has averaged growth of 30% year-over-year. The alliance with Merchant is said to help Miracle Mile sustain its growth rate.

Miracle Mile president Matt Granski said: “As a firm built by advisers to create a work environment tailored to supporting advisers, we know how important it is to reinvest back into our firm.

“We are excited to partner with Merchant as they support our emphasis on recruiting and cultivating next-generation talent, identifying and implementing difference-making technology and fostering an enriched client experience.”

Merchant managing partner Matt Brinker said: “Because of our alignment with leadership, the broader opportunity, along with what the team has built to date, we have made a long-term investment in Miracle Mile’s future as an independent RIA.”

Other Merchant moves

A private partnership, Merchant offers various services to independent financial services firms mainly those focusing on wealth and asset management.

These services include growth capital, management resources, strategic opportunities and direction.

The New York-based firm has made several investments this year.

Last month, the firm took a minority equity stake in Massachusetts-based independent wealth advisory business Baldwin Brothers.

In September this year, Merchant picked a minority, non-controlling stake in California-based wealth advisory firm Corient Capital Partners.

Earlier this year, Merchant completed the acquisition of a minority stake in the Wealth Advisor Growth Network (WAGN).