Wealth Management Acquisitions in 2019

Alera Group acquired Seattle-based Muench Financial, Inc., effective December 31, 2019. The deal brings Jon Muench and his team into Alera Group's wealth management and retirement services practice, expanding Alera's capabilities and presence in the Pacific Northwest.

Allworth Financial has acquired RAA, a large independent registered investment advisor that specializes in serving the airline community. The deal adds approximately $2.8 billion of client assets and roughly 60 employees across offices in Dallas, Atlanta, and Seattle, increasing Allworth's assets under management to over $7.5 billion; the transaction remains subject to customary regulatory approvals.

LNC Partners completed a strategic minority growth investment in Prime Capital Investment Advisors (PCIA) to support the firm’s continued expansion and acquisition strategy. PCIA, headquartered in Overland Park, Kansas, is a full-service wealth management and retirement plan advisory firm with roughly $11 billion in client assets and a multi-office footprint across the U.S.

Allworth Financial has acquired Michigan-based investment firm Blueprint Financial, which manages approximately $80 million of client assets. The deal expands Allworth's footprint in the Midwest as it continues a string of acquisitions that have added over $1.1 billion in acquired assets in just over a year.

Cerity Partners announced a merger with Fort Worth-based Karsten Advisors, a $500 million wealth management firm led by Tom Karsten. The transaction expands Cerity Partners' footprint in Texas and Colorado and adds Karsten's comprehensive wealth, tax and planning capabilities to Cerity's national RIA platform.

Cerity Partners merged with Chicago-based Blue Prairie Group in April 2019, adding approximately $11 billion in client assets and bringing Cerity’s advised assets to more than $21 billion across six locations. Blue Prairie Group, a fee-only registered investment advisor serving retirement plan sponsors, foundations, endowments and private clients, will join Cerity with Ty Parrish leading the Retirement Plan Services Group.

Onex Corporation agreed to acquire 100% of Gluskin Sheff + Associates Inc. for C$14.25 per share (approx. C$445 million) in an all-cash transaction announced March 22, 2019. The deal brings together Onex's private equity and credit platforms with Gluskin Sheff's wealth-management and public-securities investing capabilities to broaden client product offerings.

IK Investment Partners' IK VIII Fund has entered exclusive negotiations to acquire a majority stake in French employee-savings and retirement specialist Eres alongside Eres' management team and employees. The deal will see current investor Parquest Capital exit (or reduce its stake) as IK and management look to accelerate Eres' development; financial terms were not disclosed.

Abry Partners has signed a definitive agreement to make a significant investment in Millennium Trust Company, a technology‑enabled provider of retirement and custody services headquartered in Oak Brook, Illinois. Parthenon Capital Partners will sell a controlling stake to Abry but will retain a minority ownership and remain on Millennium Trust’s board; the transaction is subject to customary conditions and regulatory approvals, including approval from the Illinois Department of Financial and Professional Regulation.