Family Office & RIA Newsletter

Volume 162 • 03/05/2026

Savant Makes its Largest Deal, Baker Street Appoints New CEO, and AI Rattles Private Credit in the latest edition...

Take a Lap Around the Industry 🏃

• Wealthspire Launches an Enhanced Family Office for Complex, Multi-Generational Families (Businesswire)
• Fidelity’s Annual Profit Jumps After Market Rally Lifts Revenue to a Record (WSJ)
• $2B RIA A&M Private Wealth Launches National Trust Charter (WealthManagement.com)
• Iran War Oil Shock Threatens to Unleash Wave of Global Inflation (Bloomberg)

Family Office Deal Tracker

• South Korean fabless semiconductor company BOS Semiconductors has raised $60.2M in a Series A round with multiple investors, including HB Investments and Atinum Investment
• a16z Perennial has participated in a $34M Series A round for defense technology firm Chariot Defense
• In a Seed Funding round, Grotto AI has obtained $10M with support from ICONIQ
• India-based AI search startup Gushwork has raised $9M with backing from Susquehanna Private Capital, bringing their total funding to $11M

Source: FINTRX

 M&A Activity 🚨

• Marking its largest deal, Savant Wealth Management has acquired Massachusetts-based Heritage Financial Services, bringing $3.9B in assets (Savant)
• Wealth Enhancement has purchased The H Group, along with its affiliated firm, FocusPoint Solutions, managing $6.7B in combined assets (PR Newswire)
• Acquirer Aspen Standard Wealth has brought on BlueSky Wealth Advisors, making its seventh purchase since its launch in 2024 (PR Newswire)
• $300M Scottsdale-based Thompson Wealth Management has joined EP Wealth Advisors (FA Financial Advisor)

Team Movement Spotlight

$1.7B Snow Pine Private Wealth has left UBS to join Wells Fargo Financial Network in Wayzata, MN. The six-advisor team generates $11.3M in annual revenue and includes five support staff.

• Team leaders Derek Cherne, Andrew Knutson, and Dean Breitbach are joined by Keith Burke, Peter Knutson, and Daniel Miller
• The departure follows other sizable UBS exits, including $1.3B and $1.5B teams moving to Elevation Point and Morgan Stanley, respectively, following compensation changes announced in late 2024
• UBS has responded by ramping up leadership recruiting, while Wells Fargo continues expanding its independent channel—recently adding multiple teams and preparing to launch RIA custody services later this year

Source: AdvisorHub

Reps On the Move ↗️

• $20B Baker Street Advisors has promoted Chris Wilkens from Partner to CEO (WealthManagement.com)
• Previously at Worth Street Advisors, Kate Flume has joined Angeles Family Office as Senior Managing Director (Businesswire)
• Joining from J.P. Morgan, Ben Carpenter has been named Senior Managing Director at investment bank Evercore (Businesswire)
• Focusing in on the private wealth market in Japan, Hamilton Lane has brought on Mika Tashiro as Head of Private Wealth Solutions (PR Newswire)

AI Fears and Loan Write-Downs Rattle Private Credit Funds

Publicly traded private credit funds are under pressure as investors dump business development companies (BDCs) amid mounting loan losses and fears that artificial intelligence could disrupt the software borrowers they back. BDCs are trading at roughly 82% of net asset value, their steepest discount since late 2022, reflecting concerns over further write-downs and dividend cuts. The sell-off began last September as Federal Reserve rate cuts reduced loan yields and was exacerbated by high-profile corporate collapses and recent markdowns from managers including KKR, BlackRock, Apollo Global, and Blackstone. Several funds have also reduced dividends, denting a key draw for retail investors who had enjoyed annualized returns above 8% over the past decade. BlackRock TCP Capital, down sharply over the past year, slashed asset values tied to struggling software and Amazon-linked businesses. Analysts warn that persistent discounts and credit-cycle fears could curb new allocations, casting a shadow over the broader $2 trillion private credit industry.

Source: FinancialTimes

FINTRX is the leading private wealth intelligence platform, offering the industry's most expansive and up-to-date data on registered investment advisors, broker-dealers, wealth teams, family offices, endowments, and foundations. Powered by industry-leading AI, FINTRX helps firms distribute funds, raise capital, recruit advisors, identify M&A targets, and drive strategic growth. FINTRX now provides access to data and intelligence covering 850,000+ financial firm and contract records, including more than 4,400 family offices and 44,000 RIA and broker-dealer firms. To learn more or request a trial, click below.