$477M Valen Private Capital has joined Sanctuary Wealth from Merrill Lynch (AdvisorHub)
Advisors Scott Gilliam and Travis Blessing have left PNC Bank to launch Align Private Wealth under LPL (LPL Financial)
Raymond James has snagged the ArdenVest Wealth team from RBC, bringing in $1.2B in AUM (AdvisorHub)
Marking its biggest deal, Steward Partners has brought on $2.4B Zelniker Dorfman Private Wealth from UBS (WealthManagement.com)
M&A Highlight
AlphaCore Wealth Advisory has agreed to acquire Elk River Wealth Management, a Cherry Creek, CO-based RIA managing approximately $1 billion in assets. The deal marks AlphaCore’s third acquisition in the Denver area.
AlphaCore plans to consolidate its existing Denver-area employees into Elk River’s Cherry Creek office, creating a central Colorado hub as the firm grows its national footprint beyond $11.5 billion in assets
Elk River founder and CEO Chris Freimuth, who launched the firm in 2020, will join AlphaCore as a managing partner
The transaction, funded through a combination of cash and equity, reflects AlphaCore’s ongoing M&A push backed by Constellation Wealth Capital, while giving Elk River access to AlphaCore’s growth platform as the firm targets expansion toward $50 billion in assets
Cresset has named Mark Tremblay, former Director of Bessemer Trust, as Head of Family Office Services (Citywire)
Private equity fund, Banner Capital, has brought on former VP of Tower Arch CapitalMcKay Potter as Principal (PR Newswire)
Rebekah Rice has left Bank of America to join Northern Trust as Senior Managing Director (BusinessWire)
Inflation at its Highest in Three Years
US inflation accelerated to 4.2% year-over-year in May, its highest level in three years, driven largely by surging energy costs linked to the ongoing Middle East conflict. The increase matched economist expectations and marked a sharp rise from 2.4% inflation before the conflict began in late February. Fuel prices have jumped roughly 50% as disruptions to global oil flows, including Iran’s closure of the Strait of Hormuz, continue to pressure energy markets. While energy remains the primary driver, economists warn that higher transportation costs could spread inflationary pressures across the broader economy. Food prices rose 3.1% from a year earlier, though some categories such as dairy, meat, and eggs eased. Core inflation, which excludes food and energy, edged up only slightly to 2.9%, suggesting broader price pressures remain contained for now. The data arrives alongside signs of a stabilizing labor market and has reinforced expectations that the Federal Reserve may need to raise interest rates later this year if inflation remains elevated.
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