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March 21, 2022

Sanctuary Wealth acquires minority interest in EverNest Financial

Sanctuary Wealth has acquired an undisclosed minority position in Indianapolis-based EverNest Financial Advisors.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

Financial terms of the deal were not disclosed.

EverNest Financial has over $390m in assets under management. The firm provides financial planning and investment advisory services to high-net-worth (HNW) individuals and families.

It also caters to non-profits.

Additionally, EverNest specialises in assisting business owners and corporate executives to diversify their assets and prepare for a transition.

As part of the deal, EverNest managing partners Frank Esposito and Niki Woodworth will work with Sanctuary Wealth to grow their firm both organically and through the acquisition of other advisory practices.

EverNest Financial Advisors managing partner Frank Esposito said: “We joined Sanctuary because of their demonstrated commitment to allowing independent firms like ours serve our clients in unique ways and also due to the considerable scale and expertise Sanctuary brings in terms of operational support, compliance, technology, and investment research.

“We also saw the opportunity to further enhance the services we are providing our clients with Sanctuary’s resources.”

Sanctuary Wealth chief growth officer Michael Longley added: “Our platform and all that Sanctuary has to offer was the genesis of Frank and Niki’s attraction to Sanctuary, but it was our commitment to their firm’s M&A growth that really sealed the deal.

“We’re tremendously excited to have them join Sanctuary as true partners and look forward to providing the resources and support that will help grow EverNest Financial Advisors into the substantial enterprise they envision.”

Last year, Sanctuary Wealth made a strategic investment in InnoVise Family Wealth Advisors, a multi-family office and advisory firm based in Los Angeles.

Last year, the firm also set up a new subsidiary called Sanctuary Global to service the Latin American market.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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