Sanctuary Wealth, a Miami-based hybrid registered investment advisor with more than $58 billion in client assets, added a father-son breakaway team from Merrill Lynch, based in Paoli, Pa. It’s the second team from Merrill that Sanctuary, which was founded by former Merrill advisor Jim Dickson, has announced in recent months.
Valen Private Capital and its founder, John Durham, left Merrill after more than 22 years with the wirehouse, where he was a senior vice president. He brings his firm to Sanctuary to manage more than $477 million in assets from a group of ultra-high-net-worth families, according to an announcement.
“As I evaluated independence, I wanted a partner that would allow me to build Valen Private Capital around my clients—not force my clients into someone else’s model,” Durham said. “Sanctuary offered the combination of flexibility, experienced support and UHNW resources I was looking for, while allowing me to retain control of the firm I am building.”
He is joined by son Benjamin Durham, who had been a wealth management specialist at Merrill, based in New York, as a partner and director of financial planning, and Lisa Downey, director of operations.
Valen will be using Goldman Sachs as its custodian, according to its website.
Waverly Advisors Acquires WealthPlans and Cooley & Associates
Waverly Advisors, a Birmingham, Ala.-based RIA, has acquired WealthPlans and its affiliate Cooley & Associates, adding approximately $250 million in assets and marking the firm’s second location in Maryland. With this deal, the acquisitive RIA now has $35.5 billion in client assets.
Founded by President Brent Cooley, the Frederick, Md.-based firms provide financial planning, investment management and tax-efficient strategies, according to an announcement.
The acquisition marks Waverly’s 33rd transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
Waverly manages assets for high-net-worth individuals and families, corporate retirement plans, trusts, endowments and institutions, and has 51 offices across the U.S. and a team of over 450 professionals.
Soltis Investment Advisors Acquires Ohio-Based Artifex Financial Group
Soltis Investment Advisors, a St. George, Utah-based RIA with about $14 billion in client assets, has acquired Artifex Financial Group, adding three offices across Ohio and more than $325 million in client assets.
Founded in 2007 by Doug Kinsey and Darren Harp, the Dayton, Ohio-based firm serves over 300 households and businesses with financial planning, wealth management, investment management, business consulting and tax and accounting services.
Kinsey and Harp will hold leadership roles at Soltis that include expanding the RIAs Midwest footprint, according to the announcement.
Alaris Acquisitions advised the firms on the transaction.
Mariner Expands In Entertainment Sector With $320M Acquisition
Mariner, an Overland Park, Kan.-based firm with more than $647 million in client assets, has acquired Wealth Conscious Management, a Los Angeles-area firm managing about $320 million in client assets and serving entertainment industry professionals.
The transaction expands Mariner’s presence in California to 22 offices and adds a team with expertise serving high-net-worth and ultra-high-net-worth individuals across film, television, music and media, the company said.
“Wealth Conscious Management has built a distinctive practice serving clients who require a highly personalized approach,” Mariner President and CEO Marty Bicknell said in a statement.
Tyler Robuck and Bennett Gross lead Wealth Conscious Management, a firm that offers income planning, tax strategy, estate planning and multigenerational wealth preservation. It will now adopt the Mariner name and join the firm’s national footprint across 42 states and Puerto Rico.
CW Advisors Continues Western Expansion With Catalina Capital Group
CW Advisors, a Boston-based RIA acquired by independent broker/dealer Osaic last year, has added Catalina Capital Group, a fee-only RIA with $655 million in AUM in Torrance, Calif., marking the firm’s first office in southern California.
With the addition of Catalina, CW Advisors now has two California offices and 24 offices nationwide, managing in excess of $16 billion in AUM for clients, including high-net-worth and ultra-high-net-worth individuals and families, according to the announcement. The firm had been owned by Chris Frantz, managing director, and Philippe Oertle, according to the announcement and its Form ADV.
“Catalina has a track record of strong growth and exceptional client service. They will be a tremendous asset to our firm,” CW Advisors CEO Scott Dell’Orfano said in a statement.
In February, CW Advisors acquired a firm with offices in Lehi, Utah, and Mesa, Ariz., that managed $849 million in client assets.
Boardwalk Financial Partners consulted on the transaction.
