RIA Roundup: Atria to Acquire Grove Point Financial From Kestra
WealthManagement.com | Ali Hibbs
April 21, 2023
The RIA space saw at least eight deals this week, representing more than $38 billion in total assets.
In other M&A news, Aristotle Capital Management has acquired Pacific Life’s $21 billion asset management business; Integrated Wealth has joined Carson in Kansas; Steward Partners has added its first office in Southern California with The Valencia Group; and Fortis Capital Advisors has expanded into Oregon. Meanwhile, KMJ Financial Group jumped to Commonwealth from American Portfolios and a father-son team left Edward Jones to launch Ellicott Mills Wealth Management with Ameriprise.
In news reported earlier this week, Beacon Pointe moved into New York with the acquisition of YorkBridge Wealth Partners with offices in New York City and Long Island, and Sanctuary hired a new chief legal officer away from Carson and reinstalled a former CCO.
Atria Wealth Buys Kestra’s Grove Point Financial
Atria Wealth Solutions, a Lee Equity Partners-backed wealth management holding company launched in 2017 by former Morgan Stanley executive Doug Ketterer, will acquire Grove Point Financial from Kestra Holdings in a deal expected to close in the second half of 2023.
Founded in 1984 as H. Beck, Grove Point was acquired by Kestra in 2017 and rebranded in 2021. Based in Rockville, Md., the hybrid b/d and RIA serves approximately 400 independent financial professionals with $15 billion in client assets….
