Family Office & RIA Newsletter

Volume 157 • 12/18/2025

Rockefeller Reels in Another $1.7B, Raymond James Names Jeff Ringdahl as President, and Indivisible Partners Adds its Fifth Team in the latest edition...

Take a Lap Around the Industry 🏃

• BlackRock Takes Over Management of $80B in Citi Wealth Assets (WealthManagement)
• Dynasty Signs Up $500M Ex-LPL OSJ in Indiana (Citywire)
• Bullish Investors Pile into Stocks as Cash Levels Sink to Record Low (FinancialTimes)
• Lombard Odier Hires Asia Wealth Planning Head in Triple Swoop (Citywire)

Family Office Deal Tracker

• NYC-based Allscale, a self-custody platform for smaller businesses, has received $5M in Seed funding with support from YZi Labs
• Emerson Collective has participated in a $130M Series B round for Chai Discovery, an AI company that predicts interactions between biochemical molecules
• CoreOps.AI, an Indian-based AI and ERP solutions company, has obtained $3.5M with backing from Ritesh Agarwal's family office, Aroa Ventures Partners, in a Pre-Series A funding round
• In a Series B1 round, the collaborative commerce platform Crisp has raised $26M with support from Cox Enterprises

Source: FINTRX

Advisor Movements 🚨

• Rockefeller snagged three teams managing a combined $1.7B in client assets including a Wells Fargo team led by Florina Shutin, Aughenbaugh Wealth Partners from Stephens, and Forensic Investment Group from UBS (AdvisorHub)
• Indivisible Partners has added their fifth team: Dallas-based KH Private Wealth from Stifel (AdvisorHub)
• Four advisors managing a combined $300M—Kevin Kitt from UBS, Wesley Wells from Cetera Investment Services, and Rick Solt and Carol Delong from Edward Jones—join Ameriprise's Kuttin Wealth Management (InvestmentNews)
• GuidePost Wealth Advisors, led by Edward Gordon and Steven Shinn, join Wells Fargo Financial Network from Edward Jones, bringing in $341M (AdvisorHub)

M&A Spotlight

Wealth Enhancement has acquired Irvine, California–based Spectrum Wealth Management and its affiliated CPA firm, Putman Group, adding more than $182 million in client assets. 

• The combined 20-person team includes is led by founder Benjamin Ross Putman, alongside partners Sanaz Afshar, Joseph Reese, and Allan Otten
• Spectrum, founded in 2002 with roots in the Putman Group tax practice established in 1991, specializes in integrated wealth management with a strong emphasis on tax planning for business owners and high-net-worth clients
• The deal, which closed December 15th, expands Wealth Enhancement’s California footprint to 20 advisor offices and deepens its tax-focused capabilities

Source: PR Newswire

Reps On the Move ↗️

• Replacing Ata Azarshani, Alex David, previous director at Raymond James Northeast division, joins Equity Services Inc. as President and CEO (WealthManagement.com)
• Peter Fitzgerald, joining from Aviva Investors, has been appointed Chief Investment Officer of Lloyds Banking Group (IFA Magazine)
• Leaving Raymond James, Shannon Reid has taken on a new role as President and Head of Advisor Growth and Engagement at Osaic (WealtManagement.com)
• Raymond James Investment Management has named Jeff Ringdahl, former President and COO of Summit Trail Advisors and former CEO of American Beacon Partners, as President (Citywire)

Investors Pile into Dollar EM Bonds as Spreads Hit Decade Lows

Investors are increasingly turning to dollar-denominated emerging market bonds to capture the latest rally in the asset class, channeling the largest inflows in two years into BlackRock’s iShares JPMorgan USD EM Bond ETF. The fund attracted $2.1 billion over the past five weeks, lifting assets to $16.7 billion and marking its strongest inflow streak since December 2023, and is up about 8% this year—its best annual performance since 2019. While sentiment toward emerging markets has generally improved, asset managers say hard currency debt is emerging as the preferred trade over local currencies. PineBridge Investments expects the rally to favor fixed income as lower volatility supports dollar bonds, particularly sovereign issues. Strong returns have boosted investor comfort, helping compress spreads to the lowest level in more than a decade. By contrast, demand for local currency EM debt remains muted, underscoring investors’ preference for yield with reduced currency risk.

Source: Bloomberg

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