$14B Chicago-based RIA, The Mather Group, has acquired $200M Pillar Wealth Management Inc., marking its first deal since 2023 (WealthManagement.com)
$2B aviation-focused wealth management firm, Smith Anglin, will join Hightower, maintaining its focus on Dallas-based clients (WealthManagement.com)
Advisor duo Lance Millar and Stewart Preziose have joined Ashton Thomas Private Wealth from SVB Private, forming the Speritas Private Wealth Team (Citywire)
Three UBS teams—Excel Wealth Management ($533M), Sabota Wealth Management Group ($530M), and the Potischman Group ($385M)—have departed for Wells Fargo, Stifel, and Morgan Stanley, respectively (AdvisorHub)
New RIA Launch
Mary Beth Storjohann has stepped down as co-CEO of Abacus Wealth Partners to launch her own RIA, Allora Wealth, set to debut in July or August.
Neela Hummel, who shared the co-CEO role since 2022, will now serve as sole CEO of Abacus, which manages nearly $3.3 billion in assets and has grown significantly since its founding in 1996
Storjohann cited a desire for an entrepreneurial environment with plans to bring over some clients, hire staff, and is choosing between Schwab, Altruist, and Betterment as custodians
Abacus expressed gratitude for Storjohann’s leadership and reaffirmed its confidence in Hummel and the current leadership team to continue driving impact and growth
Former Fisher Investments' Executive Vice President for tech and transformation, Mark Israel, joins Focus Financial as Chief Technology Officer (Citywire)
Cameron Rogers joins Angeles Wealth Management, focusing on the firm’s high-net-worth and ultra-high-net-worth clients (Business Wire)
Merrill Lynch has made multiple new hires as it looks to expand its wealth management business, including Sam Fisher and Burke Coleman from UBS, Ben Meyers from Morgan Stanley, and Shajhan Sabir from Wells Fargo (Investment News)
Dynasty's network firm, Great Diamond Partners, has expanded its team with the addition of Stephen Poulos and his $125M practice (WealthManagement.com)
Europe’s AI Powerhouses: Old Industry Rides New Tech Wave
A surge in AI-driven demand for data centers has supercharged the valuations of Europe’s legacy industrial giants, adding over €150 billion in market cap to Schneider Electric, Siemens AG, ABB, and Legrand since the launch of ChatGPT. While American tech giants dominate the AI spotlight, European manufacturers are quietly powering the infrastructure boom, supplying critical components such as smart meters, power systems, and liquid cooling. Schneider’s early move into data centers via its $6.1 billion APC acquisition now puts it at the forefront, with data center orders making up nearly a quarter of its 2024 sales. Legrand and ABB have also seen double-digit growth in data center demand, prompting a wave of strategic acquisitions. Despite volatility tied to hyperscaler contracts and tariff concerns, these companies are increasingly viewed as foundational to the global AI economy. Capital expenditure in data centers is projected to top $1 trillion by 2028, highlighting a durable industrial tailwind in an otherwise tech-dominated narrative.
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