Page 37 - Investment Advisor - December 2021

Dealmaking Highlights of 2021

JANUARY SEPTEMBER
• Toronto, Canada based-CI Financial moves to buy RIA and • Franklin Templeton announces plans to acquire O’Shaughnessy
institutional asset manager Segall Bryant & Hamill, doubling Asset Management, a provider of separately managed
its U.S. asset base to $46 billion; the deal brings it $6 billion accounts with $6.4 billion in assets under management,
in wealth assets and $17 billion of institutional assets. including $1.8 billion on its direct indexing platform Canvas.

FEBRUARY • Vanguard completes its acquisition of Just Invest, a tax-
• Wells Fargo says it will sell its $603 billion asset manage- managed, personalized wealth management technology
ment business to private equity firms GTCR and Reverence firm with $1 billion in assets that owns the Kaleidoscope
Capital Partners for $2.1 billion. direct indexing platform.

APRIL • State Street says it will buy Brown Brothers Harriman’s
• LPL Financial wraps up its $300 million purchase of investor services group, which had $5.4 trillion in assets
Waddell & Reed’s wealth management business from under custody as of June 30, for $3.5 billion.
Macquarie Management Holdings and says over 900 of
W&R advisors had committed to join it; these reps had • Cresset Asset Management and Berman Capital Advisors
about $65 billion of assets under administration. merge and create a $20 billion multifamily office focused on
serving clients in 11 markets.
• Morgan Stanley moves to sell the RIA custody business
of E-Trade to Axos Clearing for $55 million in a deal that OCTOBER
includes some 200 RIA clients with about $23 billion • Raymond James Financial says it will buy TriState Capital in a
in assets. cash and stock deal valued at roughly $1.1 billion. TriState has
some $12 billion in client assets; its private banking and mid-
JUNE dle-market commercial lending businesses have about $10 bil-
• Cetera completes its purchase of the independent lion in loans, and its asset management franchise — Chartwell
financial planning channel of Voya Financial Advisors. The Investment Partners — manages some $11 billion in assets.
unit, now operating as Cetera Wealth Partners, includes
about over $35 billion of assets under administration and • T. Rowe Price agrees to buy Oak Hill Advisors, an alternative
130 employees. credit provider with $53 billion in assets, for about $4.2 bil-
lion to expand into private debt investing.
JULY
• Raymond James makes an offer to purchase U.K.-based • PGIM Investments is acquiring Green Harvest Asset
Charles Stanley Group for about $387 million, which would Management, an SMA shop with $424 million in assets
add about $38 billion in assets and 200 wealth managers to under management as of March 1.
its operations there.
NOVEMBER
• BlackRock takes a minority stake in SpiderRock Advisors, • Creative Planning is acquiring Lockton Companies’ retire-
a $2.5 billion Chicago-based provider of customized ment services unit, which should bring the RIA $110 billion
options strategies for U.S. wealth managers, to expand its in assets under advisement; it has $100 billion in assets
SMA capabilities. under management, up from $50 billion in 2020.

AUGUST • Digital recordkeeper Vestwell says it will buy Sumday, a
• Captrust Financial Advisors says it is buying Ellwood Bank of New York Mellon unit with $20 billion of assets
Associates, which works with about 200 clients and $85 under administration in 25 state-sponsored IRA, ABLE and
billion in assets. 529 college savings plans. —Janet Levaux

DECEMBER 2021 INVESTMENT ADVISOR 35