Financial Services Acquisitions in 2022

Carnegie Investment Counsel has acquired RiverStone Wealth Management, an independent wealth advisory firm headquartered in Wexford, Pennsylvania. RiverStone, founded in 2008 with about $230 million in assets under management, will join Carnegie to expand Carnegie’s client footprint and AUM.

Union Home Mortgage (UHM) has acquired Kalamazoo-based Amerifirst Home Mortgage, bringing Amerifirst’s network of more than 300 licensed loan consultants into UHM’s national mortgage platform. The deal expands UHM’s presence in key markets — including Florida, Michigan, Ohio, North Carolina and California — and strengthens combined capabilities in USDA rural lending programs.

London Stock Exchange Group (LSEG) has agreed to acquire Acadia, a provider of automated uncleared margin processing and integrated risk, margining and collateral optimisation services for the global derivatives community. The deal brings Acadia into LSEG's Post Trade division to strengthen its uncleared derivatives capabilities; terms were not disclosed and the transaction is subject to regulatory approval.

Wealth Enhancement Group acquired BFS Wealth Management, a hybrid registered investment advisor based in Iselin, New Jersey that oversees roughly $523 million in client assets. The deal expands Wealth Enhancement Group’s footprint in the New York–New Jersey–Connecticut Tri‑State region to 12 offices and brings a team of three advisors and six support staff onto its national platform.

AssetMark Financial Holdings, Inc. completed its acquisition of Adhesion Wealth, a provider of wealth-management technology and outsourced investment solutions for RIAs, TAMPs and asset managers. AssetMark paid $46 million (plus transaction costs and contingent payments) for Adhesion, which had $7.3 billion in total billable assets as of November 30, 2022; Adhesion will continue to operate commercially as a standalone business under its brand.

United Fintech has acquired 100% of Cobalt, a provider of shared ledger infrastructure and risk/data services for FX and digital assets, to strengthen its FX and digital-assets trading capabilities. Cobalt will operate as a standalone business under United Fintech, with United Fintech founder Christian Frahm named Chairman while Cobalt's leadership remains in place.

Kingswood has agreed terms to acquire Newbury-based financial advisory and tax planning firm Barry Fleming & Partners, which manages £140m of assets on behalf of around 350 clients. The deal, subject to regulatory approval, expands Kingswood's local presence in Berkshire, increases its client-facing advisory team to over 130 people and raises funds under advice/management to more than £9 billion across the UK and Ireland.

Euroclear Group has acquired Goji, a London-based provider of digital access and technology-enabled solutions for private funds, subject to regulatory approvals. The deal expands Euroclear's capabilities into the private markets, enabling an end-to-end digital platform for investors, asset managers and fund service providers and complementing its recent MFEX funds distribution acquisition.

Ty J. Young Wealth Management acquired the insurance and wealth advisory practice of Michael R. Martin in Reidsville, North Carolina, in a deal that closed in November 2022. The acquisition brings Mr. Martin's clients into Ty J. Young's platform as the advisor retires and expands the firm's presence in North Carolina.

Mariner Wealth Advisors has agreed to acquire Canton, Ohio–based McGervey Wealth Management, adding approximately $105 million in assets under advisement and establishing Mariner’s fourth office in Ohio. The deal, announced December 13, 2022, will close on December 28, 2022; McGervey’s team (all five associates) will remain with the firm and the office will take the Mariner name.

Edelman Financial Engines acquired Erman Retirement Advisory, a Seal Beach, California-based registered investment advisor, in a transaction that closed on December 12, 2022. The deal expands Edelman Financial Engines' nationwide advisor network and California presence while adding Erman's retirement-planning capabilities and roughly $210 million in client assets.

LDC, the private equity arm of Lloyds Banking Group, has made a significant growth investment in London‑headquartered capital markets technology firm Etrading Software to support international expansion and the development of its data and market‑infrastructure capabilities. The deal backs the existing management team led by founder and CEO Sassan Danesh; LDC directors Joseph Fison and Alex White will join the board and Emanuel Mond has been appointed Chairman.

Prime Capital Investment Advisors (PCIA) has acquired substantially all of the assets of Liberty Wealth Advisors, a $1.75 billion wealth planning and investment management firm led by James S. Gladney. The deal brings Liberty's leadership and approximately 15 employees (including five advisors serving ~725 clients across 45+ states) into PCIA and closed on December 9, 2022.

First Financial Equipment Leasing (FFEL), a member of JA Mitsui Leasing Ltd., has acquired Toronto-based NorFund Capital to expand its equipment financing operations into Canada. NorFund’s expertise in capital equipment, solar and alternative energy financing and vendor finance programs will be integrated into FFEL’s new First Financial Canadian Leasing division to grow FMV lease offerings and renewable energy financing in Canada.

Finance of America Companies Inc. (FOA) agreed to acquire the assets of American Advisors Group (AAG), a leading direct-to-consumer reverse mortgage lender, in a transaction using a combination of cash and equity. The deal brings AAG's retail direct-to-consumer channel under FOA's Finance of America Reverse subsidiary to expand FOA's home-equity and reverse-mortgage distribution and marketing capabilities.

Mariner Wealth Advisors will acquire San Jose-based Hayes Financial, Inc., a boutique advisory firm serving technology executives with $325 million in assets under advisement (AUA). The acquisition — which will convert Hayes Financial to the Mariner Wealth Advisors brand upon closing on Dec. 16, 2022 — expands Mariner's executive services capabilities and establishes its eleventh California office.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Resource Planning Group, Ltd. (RPG), a comprehensive wealth management firm based in the Atlanta, Georgia area. The entire RPG team will join Mercer, expanding Mercer's Southeast presence and providing succession/business continuity for RPG's founders and clients (RPG manages roughly $325 million AUM across 330+ clients).

Specialty Program Group, LLC (SPG) has acquired the assets of Business Underwriters Associates, LLC (BUA), a Northeast Ohio-based brokerage general agent specializing in life, annuities, disability and health insurance. The deal is the second acquisition in SPG's strategy to build a BGA-driven life and annuity wholesale platform alongside its prior acquisition of Brokers' Service Marketing Group (BSMG).

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired Vintage Financial Services, LLC, a wealth management firm based in Ann Arbor, Michigan. Vintage serves over 500 clients with more than $850 million in AUM and its full team will join Mercer as part of the firm’s expansion of its Michigan footprint.

Waverly Advisors, a Birmingham-based registered investment advisor, has acquired Wall Advisors, a small wealth management firm founded by H. Lee Wall. The Wall Advisors team of four will join Waverly (Lee Wall will serve as Regional Director); the deal closed on December 2, 2022 and is Waverly's third RIA acquisition since taking equity backing from Wealth Partners Capital Group and HGGC's Aspire Holdings platform.

SS&C Technologies Holdings, Inc. has acquired Complete Financial Ops, Inc. (CFO Fund Services), a Colorado-based fund administration firm. The all-cash transaction (terms undisclosed) adds 25 clients and eight employees to SS&C and expands its fund administration capabilities—particularly for venture capital and family office funds—while extending SS&C's servicing footprint in the Denver region.

Investcorp has agreed to acquire Marble Point Credit Management LLC, a US-based CLO manager, to expand and scale its global credit platform. The deal will combine Marble Point's roughly $7.8 billion AUM with Investcorp Credit Management to create a larger credit platform (about $22 billion AUM) and strengthen Investcorp's CLO and broadly syndicated loan capabilities.

Pine Tree Equity IV, LP completed a recapitalization investment in Marshall & Stevens in December 2022. The transaction provides capital to support Marshall & Stevens’ continued growth, including organic expansion and acquisition-driven growth, while executive management remains in operating control.

SageView Advisory Group, a Newport Beach-based independent RIA backed by Aquiline Capital Partners, has agreed to acquire Lakeview Wealth Management of Deer Park, Illinois. The six-person, women-led Lakeview team will join SageView to expand the firm's presence in the Chicago-area and enhance its retirement and wealth management capabilities.

Wealth Enhancement Group has acquired Ginsburg Financial Advisors, an independent RIA based in Oakland, California that oversees more than $237 million in client assets. The acquisition expands Wealth Enhancement Group's presence in Northern California and brings the Ginsburg team into its centralized service model.

Guild Mortgage, a San Diego-based national lender, has acquired Inlanta Mortgage, a Wisconsin-based independent mortgage lender that serves borrowers across multiple Midwestern states. The deal (terms undisclosed) expands Guild's footprint in the Midwest and adds Inlanta's origination and servicing capabilities and branch/loan officer relationships to Guild's platform.

Intuit has agreed to acquire SeedFi (McBurberod Financial, Inc.), the fintech behind the Credit Builder product, and will fold the capability into its Credit Karma Money business to help more consumers build credit while saving. The transaction is expected to close in the coming months, terms were not disclosed, and SeedFi will become part of Credit Karma upon closing.

CrossTower announced it has reached an agreement to acquire BEQUANT, a prime brokerage and digital asset exchange, to strengthen its institutional product suite and expand global market reach. The deal, backed by the Lydian Group, adds over 600 professional exchange clients to CrossTower and coincides with the launch of an ESG-focused crypto fund to support regulated, sustainable growth in digital assets.

Safra New York Corporation, parent of Safra National Bank of New York and part of the J. Safra Group, has entered into a definitive agreement to acquire Delta North Bankcorp and its subsidiary Delta National Bank and Trust. The acquisition expands Safra's private banking and wealth management footprint in the United States and Latin America; the deal is expected to close in H1 2023 subject to regulatory approval and financial terms were not disclosed.

Smith Financial Corporation (via a wholly-owned purchaser) acquired all outstanding shares of Home Capital Group Inc. in a court-approved plan of arrangement, paying CAD 44.00 per share (increased to CAD 44.28 per share due to a post-May 20, 2023 closing adjustment). The transaction valued Home Capital at approximately CAD 1.7 billion, will result in Home Capital being taken private and its common shares delisted from the Toronto Stock Exchange.

Commerce Bank (a unit of Commerce Bancshares, Inc.) has entered into a definitive agreement to acquire L.J. Hart & Company, a Chesterfield, Missouri-based municipal bond underwriting and advisory firm. The acquisition will integrate L.J. Hart into Commerce’s institutional fixed-income business to expand its municipal underwriting and public finance advisory capabilities; terms were not disclosed and closing is subject to regulatory approval.

King Insurance, a Gainesville-based full-service insurance brokerage, has acquired Hunt Insurance Group, LLC, a Tallahassee specialty broker that advises housing authorities, prison systems and municipalities. The acquisition adds Hunt’s self-insurance and pooled program expertise to King’s capabilities and expands King’s public-sector product offerings and client relationships.

Rhino has entered into a definitive agreement to acquire the technology and assets of Deposify, a deposit collection and compliance platform. The deal will combine Rhino's deposit insurance products with Deposify's cash deposit management technology to create an end-to-end deposit management and compliance platform for landlords and property managers.

One80 Intermediaries, a specialty insurance broker headquartered in Boston, acquired Comprehensive Planning – Goodman, LLC (CPG), an independent life insurance brokerage and managing general agency based in Syosset, New York. Terms were not disclosed; the acquisition expands One80's life insurance capabilities, adding CPG's expertise in impaired risk underwriting, life settlements and solutions for business owners and furthering One80's national life insurance platform.

HUB International Limited has acquired the assets of Bridgecreek Investment Management, LLC, a Tulsa-based boutique portfolio management firm that oversees more than $1 billion in assets. The Bridgecreek team, including co-founders Chuck Fuller and Brian Carney, will join Hub Mid-America as HUB expands its wealth advisory capabilities for high-net-worth clients across the region.

Ambac Financial Group has acquired majority stakes in All Trans Risk Solutions, LLC and Capacity Marine Corporation, adding roughly $60 million of premium placed to its specialty P&C distribution platform, Cirrata Group. The deals expand Ambac's underwriting and wholesale brokerage capabilities in transportation-focused commercial automobile and marine insurance markets.

ZEDRA has completed the acquisition of Atlas Fund Services, a privately held fund administrator with offices in Charlotte, North Carolina and Willemstad, Curaçao. The deal expands ZEDRA's fund administration capabilities and establishes a US and strengthened Latin American presence for the firm's fund services business.

LPL Financial Holdings Inc. entered into a definitive agreement to acquire Financial Resources Group Investment Services (FRGIS) in an equity purchase that included $140 million paid at closing plus additional earn-outs. FRGIS — a Fort Mill, South Carolina-based advisor and financial institution support business serving roughly $40 billion in assets across ~800 advisors and 85 financial institutions — will continue to operate independently and retain its brand and leadership following the transaction.

Kingswood has agreed terms to acquire two UK bolt-on advisory businesses: JCH Investment Management (Lincolnshire) and Employee Benefit Solutions (Buckinghamshire). The deals add approximately £235m of assets under advice and three advisers, further expanding Kingswood’s geographic footprint and advisory capability as part of its ongoing roll-up strategy (JCH remains subject to regulatory approval).

Wings Credit Union has agreed to acquire SB Bancorp, Inc., the holding company for Settlers bank, including Settlers' three Wisconsin branches in Appleton, Madison and Windsor. The transaction — subject to state and federal regulatory approval and expected to close in mid-2023 — will rebrand the locations as Settlers Best Credit Union, a division of Wings, advancing Wings' geographic expansion into Wisconsin.

Simplicity Group has acquired Connecticut-based Daly Brokerage, a full-service wholesaling firm founded in 1997 that specializes in life, annuity and long-term care products. Daly Brokerage becomes the 45th organization to join Simplicity's partnership and founders Kelly Daly and Lori Caiaze have joined Simplicity as partners. The deal expands Simplicity's distribution and wholesaling capabilities for life, annuity and long-term care products.

JTC Group has completed the acquisition of New York Private Trust Company (NYPTC), a Delaware‑chartered non‑deposit trust company that provides fiduciary, trust and estate administration services to high‑net‑worth individuals, family offices and corporate clients. The deal expands JTC's US footprint and strengthens its domestic trust services capability, complementing its existing US private client operations in Delaware, Miami, New York and South Dakota.

Franklin Resources, Inc. (operating as Franklin Templeton) completed its acquisition of BNY Alcentra Group Holdings, Inc. (Alcentra) and related U.S. subsidiary Alcentra NY, LLC from The Bank of New York Mellon Corporation on November 1, 2022. The deal expands Franklin Templeton's alternative credit capabilities — integrating Alcentra with its Benefit Street Partners platform and increasing the firm's alternative AUM and presence in Europe and the U.S.

Ty J. Young Wealth Management, an Atlanta-based independent wealth management firm, has acquired Charlotte Financial Services, LLC of Matthews, North Carolina. The deal — closed in November 2022 — transfers the practice and client relationships of CEO John Kastraba, Sr to Ty J. Young as part of Kastraba's retirement and expands Ty J. Young's national footprint.

Heffernan Financial Services acquired Osland Financial Group of Scottsdale, Arizona, effective November 1, 2022. Michael Osland and his team of four employees joined Heffernan as part of the firm's expansion in the Southwest, adding the Osland office as Heffernan's second Arizona location.

Jefferies Financial Group Inc. completed the merger of its wholly owned subsidiary, Jefferies Group LLC, into Jefferies Financial Group to simplify its corporate structure and eliminate duplicate regulatory filings. The merger results in Jefferies assuming all assets and liabilities of Jefferies Group and streamlines reporting requirements.

LTC Global, Inc. has acquired Pittsburgh Brokerage Services, Inc. (PBS), a Capitas Financial partner headquartered in Pittsburgh. PBS Founder Thomas Hall will continue to manage the business as PBS is integrated with other Capitas partner agencies to expand distribution and share resources across LTC Global's agency network.

Republic Bancorp, Inc. agreed to acquire Cincinnati-based CBank and its wholly owned leasing subsidiary, Commercial Industrial Finance, Inc. (CIF), in an all-cash merger valued at approximately $51 million. The deal expands Republic Bank's Cincinnati footprint and significantly broadens its equipment leasing capabilities and national leasing footprint; the transaction closed after customary approvals and integration planning.

Integrity Marketing Group (Integrity) has acquired Elevation Sales Coaching, a Wake Forest, North Carolina-based sales coaching and insurance agency focused on the senior market. As part of the deal, Elevation President Jordan Smith becomes a Managing Partner at Integrity; financial terms were not disclosed.

Miami International Holdings, Inc. (MIH) has completed the acquisition of Dorman Trading, LLC, a Chicago-based futures commission merchant (FCM) that provides execution and clearing services for introducing brokers, retail customers, institutional clients and professional traders. MIH said the deal expands its futures trade execution, listing and clearing capabilities and will enable growth of services offered to Dorman Trading’s customers.