Merit Snags Commonwealth Team, Johnson Wealth Names New President, RWA Wealth Partners Makes Acquisition in this edition...
Take a Lap Around the Industry 🏃
Cresset Merges with $124B Investment Consultancy Monticello Associates (Citywire)
Goldman Sachs Looking to Bolster Private Wealth Management Team in Australia (Yahoo Finance)
$36.4B EP Wealth Launches Capital Raise, Taps Bankers (Citywire)
RIA M&A Reaches New High as Serial Acquirers' Share Dips: Fidelity (Citywire)
Family Office Deal Tracker
Swedish-based biotech company specializing in T cell therapies, Annoca, has raised approximately $46M in a Venture round with support from Ramsbury Invest AB
Mike Jeffries' family office has participated in a $9M Series A funding round for the AI-powered financial platform, Driveport
401(k) platform Basic Capital, has announced the closing of a $25M Series A Funding round with backing from Henry R. Kravis' family office, Stonecroft Management
In a $23.6M Series A funding round, Luna Diabetes advances its insulin delivery solution with help from Winklevoss Capital Management
Joining from UBS managing $1.2B, James Chiate and Anthony Guinane have launched Dial Square Private with Sanctuary (AdvisorHub)
Previously known as The Price Group, Randy Price, Matt Price and Matthew Kerns have left Steward Partners to launch their RIA, Clear Trail Advisors (Citywire)
Former Commonwealth team, Global Wealth Advisors (GWA), joins Merit bringing in nearly $860M in client assets (Citywire)
Long Island-based team, Zarra Wealth Management joins LPL from Ameriprise (GlobeNewsire)
M&A Highlight
RWA Wealth Partners, an $18B private equity-backed RIA, has made its first acquisition in over two years, purchasing San Francisco-based Moirai Wealth Management, which manages $344M in assets.
Moirai’s four-person team will be merged into RWA’s Bay Area operations, with both groups moving into a new downtown San Francisco office scheduled to open this fall
The acquisition marks the first under CEO Michelle Knight, who took over in June 2024 following executive turnover; Knight emphasized expanding in regions with strong client and professional networks
The deal reflects RWA’s disciplined M&A approach, with Knight signaling continued interest in adding culturally aligned teams while maintaining focus on strategic growth markets
A Focus Financial Partners' firm, Cassaday & Company, has named Dr. Waleed Bississo as COO (Citywire)
Seattle-based Russell Investments, focusing on its leadership roles, has promoted former Chief of Staff Emily Steinbarth to CEO and has hired Shweta Narasimhadevara as their new Chief Solutions Officer (Wealth Mangement.com)
$9.1B Johnson Wealth names Jeff Pierce as President, who joins with previous executive leadership roles at RIAs (Citywire)
Shawn Paulk, previous director of M&A at Moneta, has left to join SPFG as Chief Growth Officer (Citywire)
AI Optimism Faces Reality Check as Tech Stocks Slide
US tech stocks stumbled on Tuesday as mounting skepticism over the profitability of artificial intelligence dampened investor enthusiasm. The Nasdaq Composite dropped 1.4% by mid-afternoon in New York, marking its steepest decline since the beginning of August, with notable losses from Palantir (-9.2%), Arm Holdings (-4.5%), Nvidia (-3.4%), and Oracle (-5.9%). The sell-off was triggered in part by a new MIT report claiming that 95% of organizations are realizing no tangible returns from generative AI projects, raising doubts about the sector’s surging valuations. Even Sam Altman, CEO of OpenAI, acknowledged the risk of an AI “bubble,” cautioning that many investors may face steep losses despite long-term societal gains. The sharp reversal underscores how concentrated bets on AI-driven growth have left markets vulnerable to sudden pullbacks, with traders warning that crowded trades can quickly unravel. Meanwhile, defensive sectors such as utilities and consumer staples gained, signaling a shift in investor sentiment toward safer assets.
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