MAI Capital Management has acquired $490M Atlanta-based Waypoint Wealth Counsel(Citywire)
$275M Valley Financial Group has been acquired by Hightower and will join their Hightower Signature Wealth practice (ConnectMoney)
MAI Capital Management has added $551M OG Private Wealth, expanding its offices in California (Businesswire)
Serial acquirer Wealth Enhancement has strengthened its presence in the Pacific Northwest with the purchase of Weinand Financial, bringing in $644M in assets (Financial Advisor)
New RIA Launch
Joseph Volz, Bill Hargrove, and Anne Norris are leaving Wells Fargo Advisors Financial Network to launch independent RIA Pelorus Capital Management in Irvine, California with more than $1 billion in client assets.
The trio, which joined Wells from Merrill Lynch in 2016, will remain with FiNet through mid-October before beginning advisory activities under Pelorus as an independent firm
Pelorus’ Wells Fargo operation also includes the Eddy Investment Group and Clark Stoddard Wealth Advisory Group, though it remains unclear whether those teams will join the new RIA
Pelorus has arrangements with TradePMR for brokerage and back-office services and Wells Fargo’s First Clearing for custody and clearing, while retaining access to Wells’ advisory programs
Previously at JP Morgan, Adam Clark has been named Global Head of Wealth Planning of Citi Wealth (Family Wealth Report)
Pure Financial Advisors has added Eugene Elias, Jr. as President (PRNewswire)
Joining from Mckinsey, Kristin Kirby has been named Vice President, Operations of PPC (Businesswire)
Kevin Peterson has joined Carson Group as Senior Vice President of Business Development (WealthManagement)
Private Credit Loses Its Luster
Wealth managers are pulling back from private credit as redemption restrictions at semi-liquid funds expose the risks of investing in illiquid assets. More than $14.5 billion remains trapped across more than a dozen funds, while many business development companies have redemption queues equivalent to roughly 15% of assets. Pimco President Christian Stracke expects the industry to face elevated defaults for several years, particularly as software loans mature amid growing concerns over artificial intelligence’s impact on borrowers. The disruption is prompting wealth managers to seek more liquid alternatives, including publicly traded bank loans, which can offer competitive yields without the same redemption constraints. Asset-based finance is also emerging as a potential beneficiary, with the roughly $20 trillion market attracting banks seeking more capital-efficient ways to lend. Meanwhile, some firms are revising fund disclosures to better emphasize liquidity limitations, signaling a more cautious approach to private markets among wealth investors.
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