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September 30, 2021

Summit Financial picks minority stake in Advocus Private Wealth

By Verdict Staff

Summit Financial has acquired a minority stake in the newly formed independent advisory team Advocus Private Wealth, which serves athletes, executives, and multi-generational families.

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  • 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.
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  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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The deal, whose financial terms are not known, marks Summit’s 17th investment in less than nine months.

As an affiliated Summit Growth Partners member, Advocus will leverage SummitVantage platform to support its launch, operation, and growth.

Led by former Merrill Lynch advisers Steve Vujevich and Matthew Anderson, Advocus has offices in Columbus, Ohio and Charlotte, North Carolina.

The team, which previously managed $400m in client assets, is also joined by Charlie Robinson, who will serve the firm as a private wealth adviser.

Robinson will work from Advocus’ Charlotte location.

Commenting on the development, Summit Financial CEO Stan Gregor said: “Steve, Matt and Charlie focus every day to provide an exceptional experience for their clients. After a year of independence, they realised they needed a stronger support and service model to meet their clients’ expectations.

“After significant due diligence on their part, they saw value in the depth of resources and wealth management capabilities we can bring to bear for their clients’ benefit, so it was a natural fit for us and them as they look to grow their business.”

The latest investment follows Summit’s acquisition of a minority stake in Miami-based RIA Kandor Global through Summit Growth Partners in April this year.

Last August, Summit joined forces with ESG investment platform Seeds, which offers customised sustainable investment solutions to clients.

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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