Wealth Enhancement Group, an independent wealth management firm based in the Minneapolis area, is acquiring HHG & Company LLC, a wealth management firm based in Darien, Conn., to create a $5.5 billion firm, Wealth Enhancement Group announced Wednesday.
Wealth Enhancement Group and its RIA Wealth Enhancement Advisory Services have nearly $4.5 billion in client brokerage and advisory assets and HHG has more than $1 billion in assets under management.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2016, according to the firms.
Wealth Enhancement Group said it is expanding into new markets and has a long-term strategic plan of building a top national wealth management and financial planning brand.
All of HHG’s personnel will remain with Wealth Enhancement, according to Wealth Enhancement. HHG's George Stapleton, who has been named regional president, will continue to head the team, which will operate under the Wealth Enhancement name.
Wealth Enhancement Group, which operates in 40 states, focuses on supporting the retail mass affluent and affluent investors by providing investment and financial planning. The firm successfully expanded into the Chicago market in 2013. With the acquisition of HHG, the firm will further expand its presence in the northern states.
Wealth Enhancement Group is owned by financial services private equity firm Lightyear Capital in New York City.
“With ongoing consolidation in the registered investment advisors wealth management sector, we are pleased with the strong platform Wealth Enhancement Group continues to build upon,” says Mark F. Vassallo, managing partner of Lightyear. “The partnership with HHG further expands the firm’s presence and we look forward to working with the management team to further grow the business.”