New L.A. Firm To Serve UHNW
Angeles Wealth Management, a Los Angeles-based RIA designed to serve high-net-worth and ultra-high-net-worth clients, has been created by Angeles Investment Advisors and Jonathan Foster.
Jonathan Foster, formerly president of Carson Wealth Management Group and head of E-Trade Wealth Management, will serve as president and CEO of Angeles Wealth Management.
The professionals at Angeles Investment Advisors will handle investment solutions and support. The aim is to provide the clientele with an institutional quality investment process, according to the founders. Angeles Wealth will be looking for a select team of advisors to grow the company.
"This is anything but a typical start up RIA. We are coming out of the gates associated with a very special brand, and really for the first time, wealthy individuals and families will have access to the exceptional investment process that has made Angeles Investment Advisors so trusted," said Foster.
Angeles Investment Advisors has 53 clients and $40 billion in assets under advisement and $1.3 billion in assets under discretionary management. The firm is wholly owned by its employees.
King Joins Dynasty Financial
Wealth manager Larry King has left Morgan Stanley Smith Barney to establish King Wealth Management Group in Saratoga Springs, N.Y.
He will operate independently on the Dynasty platform, an investment and technology platform for independent financial advisors, according to Dynasty Financial Partners.
King, who has been a wealth management services provider in Saratoga Springs for 22 years, will use the platform that integrates the proprietary research of Callan Associates with Envestnet's tools and technology. King Wealth Management is the ninth advisor business to use Dynasty.
"Our partnership with Dynasty Financial Partners provides our firm with the highest quality infrastructure, research and advisory services," said King. "But no one owns us. Being fully independent gives us the autonomy, objectively and flexibility to always act in our clients' best interests."
King earned a Top 1000 Financial Advisors rank from Barrons' magazine in 2009, numbering 85th among New York's top 100 advisors.
"King Wealth Management Group is the quintessential example of an elite wirehouse wealth management team that can take its services to a new level by going independent on the Dynasty Platform," said Shirl Penney, Dynasty CEO.
Bryn Mawr Bank To Acquire Davidson Trust
Bryn Mawr Bank Corporation will acquire Davidson Trust Company, based in Devon, Pa., from Boston Private Financial Holdings Inc., continuing Bryn Mawr's expansion of its wealth management division.
The acquisition for $10.5 million will add $1 billion in assets under management to Bryn Mawr Bank 's wealth management companies, according to Bryn Mawr Bank Corporation, parent company of Bryn Mawr Trust Company. Bryn Mawr, based in Bryn Mawr, Pa., has $4.83 billion in trust and investment assets under management, administration, supervision and brokerage.
The Davidson office will remain in Devon and the acquisition will increase services available to Davidson clients, says James M. Davidson, chairman and founder.
On The Move
Rothstein Kass Family Office Group has announced the appointment of Nancy Schultz as director and leader for the western region. Based in the firm's Beverly Hills, Calif., office, Schultz brings more than 25 years of family office, tax, accounting and financial planning experience. Previous positions include COO at Simms, Inc., CFO of Saban Capital Group, Inc. and CFO of The Jim Henson Company.
Beirne Wealth Consulting LLC, based in Millford, Conn., announced its launch as an independent registered investment advisor as part of the Focus Financial Partners' Connections program. Founding partners John Beirne Jr., John-Oliver Beirne and Jim Betzig, previously with Merrill Lynch, where they managed more than $2 billion in client assets, will provide comprehensive wealth and investment management solutions for institutional investors and high-net worth individuals and families.
Withers Bergman LLP, has announced attorney Mark Haranzo has joined the firm's New York office as a partner. Haranzo has twenty years of experience in the trusts and estates field representing high-net-worth clients in both the U.S. and abroad. Most recently a partner with the law firm Wiggin and Dana, Haranzo is also the co-author of the practice guide "Harris 6th Edition, New York Estates," and a Fellow of the American College of Trust and Estate Counsel.
Washington Wealth Management, an independent RIA firm headquartered in Middleburg, Va., has announced that Paul Dietrich, CEO and chief investment officer of Foxhall Capital Management, has joined the firm as director of global research. An international corporate attorney, Dietrich's background includes publisher and editor in chief of Saturday Review and television producer for CBS and Public Broadcasting. He is also the author of "Global Active Investing: How to Make Money in Both Bull & Bear Markets."
Signature, located in Norfolk, Va., has welcomed Chris Noland, J.D., to their management team. He will be responsible for advising and managing client relationships as well as delivering customized, comprehensive wealth management solutions. Noland held previous posts at a Virginia Beach corporate law office and Sanford C. Bernstein & Co., where he worked in the equity capital markets and syndicate department.