Wealth Management Acquisitions in Connecticut

Corient, a national fee-only wealth advisory firm operating as a private partnership, has acquired Northeast Financial Consultants, a Connecticut-based registered investment advisor with $4.5 billion in AUM. The deal gives Corient its first location in Connecticut and expands the firm's presence across New England to better serve high-net-worth and multi-generational family clients.

Aspen Standard Wealth has acquired SKY Investment Group, a Hartford-based RIA managing $880 million in AUM. The deal adds SKY to Aspen's growing platform of partner RIAs and provides long-term capital, infrastructure and support while preserving SKY's identity and leadership.

Constellation Wealth Capital acquired a minority stake in Procyon Partners to provide growth capital and strategic resources to help the RIA scale operations, attract talent, and expand its national footprint. Procyon Partners will remain independently operated and retains support from back‑office partner Dynasty Financial Partners; Houlihan Lokey and Dynasty Investment Bank advised on the transaction.

Sequoia Financial Group has acquired Karpas Strategies, an independent investment manager serving ultra-high-net-worth families, foundations and trusts, with the firm joining Sequoia's Sequoia Sentinel Family Office. The transaction closed July 31, 2024; Karpas manages about $420 million and its three-person team will join Sequoia to expand the firm's family office and ultra-high-net-worth services.

Trivium Point Advisory announced mergers with Paradigm Financial Partners (an SEC-registered RIA) and Lyons & Lyons, CPAs, bringing both teams into the Trivium brand to create a fuller wealth management, tax, and business advisory firm. The transactions expand Trivium's service offering and local footprint in Connecticut and the New York metro area, and the firm unveiled a refreshed brand as part of the combination.

GTCR, a Chicago-based private equity firm, has acquired Foundation Source, the nation’s largest provider of foundation management services, from Incline Equity Partners. GTCR is partnering with wealth-technology veteran Joseph Mrak III as CEO and has committed capital to invest in technology enhancements, acquisitions and organic growth to expand Foundation Source’s product offerings and channel partnerships.

Alera Group Wealth Services, a division of Alera Group, has acquired Johnson Brunetti, a Connecticut-based retirement and investment specialist that manages approximately $1.5 billion in RIA client assets and oversees another $1.5 billion of annuity and insurance assets. The acquisition adds geographic presence in the Northeast and Atlanta and is intended to leverage Alera's back-office, technology and centralized investment services; terms were not disclosed.

Mercer Global Advisors (Mercer Advisors) has acquired Benemark, Inc., a Westport, Connecticut-based wealth management firm, expanding Mercer’s presence in the Northeast. Benemark serves approximately 70 clients with about $230 million in AUM; the Benemark team, including founders Robert A. Medvey and Gregg G. Padilla, will join Mercer Advisors as part of the transaction.