Family Office & RIA Roundup

Volume 133

01/09/2025 (5 Min. Read)

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BlackRock and Balentine Join Forces, EP Wealth Hits $31B, and xAI Raises $6B in this Weeks Edition...

Take a Lap Around the Industry

• Private Wealth Offers Lifeline for Emerging VCs (Pitchbook)
• John Thiel’s New RIA Adds First Advisor Team (Wealth Management)
• Hedge Funds Citadel and Millennium Gain 15% in 2024 (Financial Times)
• Family Offices to Favour Taiwan, India and US in 2025; May Increase China Exposure (SCMP)

Family Office Deal Tracker

• Houston, TX-based geothermal development company, Fervo Energy, has raised an additional $255M in funding with support from Capricorn Investment Group?
• Korys has participated in a $146M Series B funding round for Sahyadri Farms, a farmer-led agribusiness enterprise
• Led by Grosvenor Estate, Dublin-based biotech startup Nuritas has secured $42M in Series C funding to scale its AI-powered platform for plant-based peptides, aiming to revolutionize the peptide industry and enhance public health
• With backing from Prince Alwaleed Bin Talal's family office, Elon Musk’s xAI revealed that it raised $6B in a Series C funding round, boosting its valuation to over $4B as it advances its AI products and infrastructure

Source: FINTRX Data

Private Wealth Movement

• After the purchase of Executive Wealth Management, a $1.6B firm headquartered in Brighton, MI, EP Wealth hits $31B in total AUM
• President Curt Zimmermann and his team of four advisors join $12B Atlanta-based RIA Merit Financial Advisors after the purchase of Zimmermann Investment Management, a $739M shop based in PA
• Wealth Enhancement Group has purchased Boston-based hybrid investment advisory firm, The Scribner Team, led by founder and chief executive Mark Scribner, bringing $111M in assets
• ?Buckingham Strategic Wealth, backed by Focus Financial Partners, has completed its first external acquisition since merging with The Colony Group, acquiring Omaha-based Homan Wealth Advisors, which manages nearly $330M in assets

Advisor M&A Activity Tracker ??

• Treehouse Wealth Advisors has acquired The Humphreys Group, a San Francisco-based wealth management firm and certified B-Corporation known for its focus on women’s economic empowerment and ESG investing
• The merger involved an all-women M&A team, including Diane Bourdo, president of The Humphreys Group, consultant Gretchen Halpin, and female attorneys representing both firms
• The acquisition supports Diane Bourdo’s succession plan and reflects both firms' shared commitment to personalized financial planning
• The merged firm, operating under the Treehouse Wealth Advisors name, will integrate innovative initiatives like ESG investment opportunities, enhancing services across offices in Walnut Creek and San Francisco

(Private Banker International)

Reps On the Move

• Former Raymond James employee Lindsey Strawhecker has joined Dynasty Financial Partners as Director of Transitions (Citywire)
• $162B ultra-high-net-worth specialist RIA Pathstone has announced that Charles Keates has replaced Lisandra Wilmott as its general counsel (Citywire)
• Key Family Wealth, the $23B multi-family office division of Key Private Bank, has appointed seasoned banking executive, Robert Weiss as its new leader to serve ultra-high-net-worth clients (Citywire)
• Tim Tallach will serve as director of tax planning and family office services for $18B Atlanta-based RIA, Homrich Berg (Citywire)

BlackRock and Balentine Join Forces to Launch $174M Global Quality ETF

BlackRock’s newly launched iShares MSCI Global Quality Factor ETF (AQLT) has rapidly attracted $174 million in assets under management within weeks, fueled by a significant investment from Atlanta-based RIA Balentine. Launched on December 11, 2024, with $10 million in seed capital, the ETF addresses a niche in the market by tracking the MSCI ACWI Quality Index, a product Balentine sought to meet client demands for global quality exposure. The ETF’s low management fee of 0.20% and cost-effective structure make it a favorable alternative to separately managed accounts, offering greater accessibility and efficiency. Balentine, a long-time user of BlackRock’s investment solutions, played a pivotal role in collaborating with the asset manager to develop the fund. By transitioning its clients from U.S. and international quality factor ETFs to AQLT, Balentine underscores its commitment to providing innovative, client-centric investment strategies while deepening its partnership with BlackRock.

Source: Citywire

Industry Buzz? ???

The 2025 World Economic Forum Annual Meeting, held from January 20–24 in Davos, Switzerland under the theme "Collaboration for the Intelligent Age," brings together global leaders to tackle critical global and regional challenges. The agenda focuses on five interconnected priorities: rebuilding trust through enhanced collaboration, identifying new sources of growth in a shifting global economy, investing in human capital for a resilient society, advancing energy and climate solutions with innovative partnerships, and navigating industry transformation in the intelligent age. With a spotlight on geopolitical stability, economic growth, and sustainable development, the meeting seeks to foster partnerships and drive actionable solutions for a more inclusive and sustainable future.