Beacon Pointe Advisors has expanded its footprint in Arizona with the acquisition of Stonegate Capital Advisors, a $430 million registered investment advisor in Scottsdale.
Financial terms of the transaction, which closed on September 30, were not disclosed.
Stonegate, owned by Jameson Van Houten, has merged with Beacon Pointe's existing Scottsdale office while maintaining a second location in the southern area of the Scottsdale region, a Beacon Pointe news release said. Van Houten, CEO of Stonegate, joins the team of partners and managing directors as its sixth partner.
The two offices, which have a total of $2.1 billion in assets under management, will coordinate to best serve client needs in the Phoenix Valley and throughout the Southwest, the release said. Van Houten’s team include financial advisors Sean Mahoney, Liam Powell, Todd Ruble and support staff Joshua Lustbader and Patricia Lundquist.
Van Houten, who founded Stonegate in 2002, also worked with a few other companies, including Metropolitan Life Insurance Company and SagePoint Financial, according to BrokerCheck. He said Stonegate has always been focused on providing its clients with unparalleled service and expertise.
“Our partnership with Beacon Pointe allows us to bring in unique resources that enable us to evolve alongside our clients and meet the expectations of the increasingly dynamic and tech-focused world in which we live,” he said in a statement. “We truly feel that through our partnership, we are elevating our services to the next level and going above and beyond what our clients have grown to expect from us.”
Matt Cooper, president of Beacon Pointe Advisors, noted that their first M&A deal more than a decade ago with Bruce Meyer created the firm’s original Arizona office. “This office is now a success model of multiple acquisitions integrating partners that are great culture fits, and we'll continue to look for more of these merger and acquisition opportunities in other regional markets across the country,” he said.
Stonegate marks the seventh acquisition this year for Newport Beach, Calif.-based Beacon Pointe and its 26th U.S. office. The firm said it has acquired about $8 billion in AUM through its acquisitions.