MAI Capital reels in $245M after acquiring Liberty Private Client with President Michael McCort joining as Senior Wealth Advisor (Citywire)
Bolstering its Middle East presence, investment bank Piper Sandler purchases Abu Dhabi-based MENA Growth Partners(PRNewswire)
Prime Capital Financial secures Hartman Wanzor McNamara, a tax advisory firm in Texas (Investment News)
Managing $300M in assets, Siligmueller & Norvid Wealth Advisors has been acquired by Chicago-based Rothschild Wealth Partners (PRNewswire)
Advisor Movement Highlight
The Atlantic Group, a Boca Raton-based advisory team managing over $1.6 billion in client assets, has joined Ameriprise Financial’s branch channel from Oppenheimer & Co.
Led by founding partners Andrew Lerner and Logan Shalmi, the 16-person team built their practice organically over the past decade through strong client relationships
The move to Ameriprise is described as a strategic step to access advanced technology, integrated platforms, and broader investment products to enhance their client experience
Ameriprise leaders welcomed the team as a strong cultural fit, noting their client-first philosophy and long-term growth mindset; the firm has attracted about 1,700 experienced advisors in the past five years
Sandro Wealth, a private wealth firm targeted towards serving high net-worth clients, has appointed David Tateosian as Chief Commercial Officer (PR Newswire)
Alex Farman-Farmaian has been named sole CEO of Compound Planning after sharing the title with Christian Haigh, who now acts as Executive Chairman and President (WealthManagement.com)
Danilo Narbona joins international wealth management firm Insigneo Financial Group as Market Head, focused on the Andean and Central American Region (Citywire)
Previously at McKinsey & Company, Harry Robinson takes on the role of Partner at alternative asset management firm Lane42 Investment Partners (PRNewswire)
Startup Mercor Hits $10B Valuation as AI Firms Race for Human Input
Mercor, an AI-model training startup founded in 2023 by three Thiel Fellows, has secured a funding deal valuing it at $10 billion, a fivefold jump since February. The company, which connects over 30,000 white-collar contractors including lawyers, doctors, and bankers to help refine AI systems for clients like OpenAI and Anthropic, is raising $350 million in a round led by Felicis, with participation from Benchmark and General Catalyst. Mercor’s pivot from HR tech to data-labeling has made it a key player in the AI ecosystem, rivaling Scale AI, whose $29 billion valuation and recent stake sale to Meta accelerated Mercor’s growth. Revenue has reportedly quadrupled since then. Amid the boom, Scale has sued Mercor for alleged trade secret theft. Mercor’s model, where contractors can earn up to $170 an hour, highlights the growing demand for “humanness” in AI training driving massive valuations.
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