Citi, a US-based financial services company, has merged the wealth management teams of its global consumer banking (GCB) and the institutional clients group (ICG) divisions to form a single, integrated platform called Citi Global Wealth. Citi Global Wealth is a wealth management organization that will serve clients across the wealth continuum, ranging from the affluent […]
UBS Europe, a subsidiary of Swiss banking group UBS, will sell its Austrian wealth management business to Liechtenstein-based private banking and asset management company LGT. The financial terms of the transaction were not revealed by the parties. The Austrian wealth management business of UBS has assets under management (AUM) of about €4 billion. It has […]
Addepar, a US-based wealth management technology platform, has raised $117 million in a Series E funding round, led by growth equity firm WestCap Group. The investment by WestCap Group was made from its flagship Strategic Operator Fund. Other investors in the Series E round are 8VC and Sway Ventures. Laurence A. Tosi – WestCap Group […]
HUB International, a global insurance brokerage, has acquired the assets of Baystate Fiduciary Advisors based in Boston, Massachusetts for an undisclosed price. Baystate Fiduciary Advisors provides investment fiduciary advisory services to 401k and 403b plan sponsors with a general business approach and also a strong concentration in the non-profit sector. As of September 2020, the […]
Global insurance brokerage Hub International has acquired the assets of Leading Edge Benefit Advisors, Raimey, Leading Edge Human Resource Services, Leading Edge Companies, Leading Edge Financial Group, Leading Edge Retirement Plan Advisors, and Leading Edge Wealth Advisors (collectively, Leading Edge). The financial terms of the deal were not revealed. Leading Edge, which is based in […]
Asia-focused investment group Pacific Alliance Group (PAG) has signed a deal worth $300 million with Indian financial services firm Edelweiss Group to acquire a stake of 51% in its wealth management business, which operates as Edelweiss Wealth Management (EWM). Claimed to be the rank two among the non-bank wealth management businesses in India, Edelweiss Wealth […]
Niyo, an Indian digital-only bank, has acquired Goalwise, a mutual funds investment platform, for an undisclosed price, in a move to grow its product offering to the millennials. According to the neobank, the COVID-19 outbreak has considerably grown the demand for online banking and related services. Niyo claims that it is well poised to cease […]
Lion Street, a Texas-based financial services company, has acquired Mercury Financial Group, a provider of wealth planning and insurance solutions to financial advisors for high net worth clients, for an undisclosed price. The acquisition is expected to help Lion Street continue to realize its vision to be the leading distributor of life insurance to high-net-worth and […]
The Mather Group (TMG), a US wealth management firm, has acquired Resource Advisory Services, a Tennessee-based financial advisory firm for an undisclosed price, in a move to expand its footprint in the southeast US. Resource Advisory Services, which has $116 million in assets under management (AUM), is the sixth acquisition for The Mather Group in […]
Commonwealth Bank of Australia (CBA) has signed a deal to sell a 55% stake in Australian wealth management group Colonial First State (CFS) to global investment firm KKR for about AUD 1.7 billion ($1.1 billion). Established in 1988, Colonial First State provides superannuation, investment, and retirement products to individuals and corporate and superannuation fund investors, […]