Wealth Enhancement Group has acquired Oakwood Capital Management, a Los Angeles-based independent RIA with $1.04bn in total client assets.
The deal, whose financial details are not known, takes the Wealth Enhancement’s total client assets to over $37bn. The transaction closed on 30 June 2021.
It marks the company’s second acquisition in Southern California region, after the takeover of Pillar Pacific Capital Management in this June.
Established in 1998 by president and CEO Bruce Mandel, Oakwood specialises in investment management, wealth management, asset management and financial planning.
The firm serves high-net worth (HNW) professionals, retirees, as well as younger, tech-savvy clients.
Wealth Enhancement Group CEO Jeff Dekko said: “Bruce Mandel and his team at Oakwood Capital Management have built an excellent wealth management practice in the heart of Los Angeles that still has significant room to grow.
“With our support, they will be able to streamline their operations and offer an even higher level of service than before, without compromising the personal touch their clients have come to expect.”
Under the agreement, the acquired entity will be rebranded as Oakwood Team at Wealth Enhancement Group. Mandel will serve as managing director.
Mandel said: “From the moment we began discussions with Jeff and Jim, it was clear that Wealth Enhancement Group was the strategic partner we were looking for, a firm that would enable us to build upon this vision and offer our clients more value than ever before.
“This is a new day in Oakwood Capital Management’s history, and with Wealth Enhancement Group’s support, the future is even brighter.”
Last week, Wealth Enhancement acquired Maryland-based hybrid RIA Lighthouse Wealth Management, which manages $446m in client assets.