$290M CA-based AWA Wealth Management has been acquired by Modern Wealth Management, marking its sixth deal in 2026 (Pulse2.0)
CAPTRUST has snagged Melville, NY-based Compass Advisors and Long Island Wealth Management adding a combined $1.2B in assets (WealthManagement)
Waverly Advisors has made a $1.7B acquisition with the purchase of Heartwood Wealth Advisors in Virginia(Citywire)
Wealth Enhancement has acquired $22B Boston private equity-backed RWA Wealth Partners, expanding their family office services (Citywire)
Industry Updates
New Firm Launch
Twenty Four Wealth, Darien, CT-based affiliate of Stratos Wealth Partners overseeing about $1.1 billion, has launched as an independent RIA.
Founded in 2019, Twenty Four Wealth has 31 employees, including six advisors, and serves high-net-worth clients such as executives, business owners, professional athletes, and coaches.
Twenty Four Wealth has adopted a multi-custodial model with Goldman Sachs Custody Solutions, Fidelity and Charles Schwab, while advisory assets previously held at LPL Financial will transition to Goldman Sachs.
The firm’s move follows its acquisition of Florida-based Alpha Beta Gamma Wealth Management in March, which pushed client assets above $1 billion.
With nearly 20 years of investment banking background, Amy Chen has joined Eden Global Partners as Managing Director, Healthcare (Businesswire)
Previously at ACON Investments, Masumi Waida has joined Ara Partners as Chief Financial Officer (PR Newswire)
Northern Trust Wealth Management has added Robert Ludricks III as Managing Director and Olof Akesson as Investment Director to their Family Office Solutions Team (FinancialTimes)
Houlihan Lokey has named Chris McMillan as Managing Director in its FinTech Group (Businesswire)
Industry Updates
AI Boom Creates Growing Concentration Risks
The rapid expansion of artificial intelligence investment is creating a growing concentration of risk across credit markets, with exposure extending well beyond traditional technology debt. A new report by KKR estimates that AI-linked debt has reached roughly $600 billion, or 6.3% of the U.S. investment-grade market, compared with an average maximum sector exposure of 2.6% over the past 29 years. That exposure could expand significantly as technology companies are projected to invest nearly $8 trillion in AI infrastructure by 2030. Off-balance-sheet financing, including leases, guarantees, and other commitments, could further increase portfolios’ effective exposure. The report also highlights rising interconnectedness as companies tap investment-grade bonds, high-yield debt, and securitized markets to fund AI infrastructure. For fixed-income investors, the concern is particularly pronounced because the potential upside from AI-linked credit is limited compared with equities, while a slowdown in AI spending could create broader volatility as seemingly separate investments become increasingly correlated.
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