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November 23, 2021

Wealthspire buys Private Ocean to expand US RIA business

By Verdict Staff

US-based independent investment adviser Wealthspire Advisors has brokered a deal to buy California-based fiduciary wealth management Private Ocean .

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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.
  • 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
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The deal, whose financial terms are not disclosed, is part of Wealthspire’s strategy to expand its registered independent adviser (RIA) business across the country.

Founded in 2009, Private Ocean was formed through the merger of Salient Wealth Management and Friedman & Associates.

The firm also acquired Lakeview Financial in Seattle and Mosaic Financial Partners in San Francisco.

It currently manages $2.7nb in assets with additional offices in San Francisco and Seattle.

Commenting on the latest deal, Wealthspire CEO Mike LaMena said: “The Private Ocean team, led by innovative leader Greg Friedman, shares our commitment to delivering great outcomes for clients, and their vision and culture are a natural fit with Wealthspire. This is a significant way to plant a flag on the West Coast and demonstrate our growing national scope.”

Friedman said: “Our team is honored to join Wealthspire and embrace the opportunity to continue to serve our clients supported by deeper and broader resources. This is an important step for both of our firms in an environment where scale and quality matter.”

The latest deal follows Wealthspire’s recent agreement to buy Connecticut-based RIA Private Capital Group.

Following the completion of these two deals, the company’s assets under management (AuM) is expected to reach approximately $17bn. It will have 18 offices across the US.

In 2019, Wealthspire introduced digital wealth management solution that combines its financial planning and client services with an automated technology platform.

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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