RIA aggregator Wealth Enhancement Group, which was acquired by non-public fairness agency TA Associates in July 2019, has acquired Oakwood Capital Administration, a Los Angeles-based RIA with $1.04 billion in shopper belongings. The deal is WEG’s second acquisition within the Southern California space, following its acquisition of Pillar Pacific, an RIA in San Marino, Calif., in June.
Phrases of the deal, which closed on June 30, weren’t disclosed. Echelon Companions suggested Oakwood on the transaction.
Oakwood will now be often called Oakwood Workforce at Wealth Enhancement Group, and Bruce Mandel, the RIA’s president and CEO, will function managing director.
Oakwood has 14 staff, together with 5 client-facing monetary advisors, and makes a speciality of wealth administration, funding administration, asset administration and monetary planning for high-net-worth professionals, retirees, and youthful, tech-savvy purchasers.
“Bruce Mandel and his workforce at Oakwood Capital Administration have constructed a superb wealth administration observe within the coronary heart of Los Angeles that also has important room to develop,” mentioned Jeff Dekko, CEO of WEG, in an announcement. “With our assist, they’ll be capable to streamline their operations and provide an excellent larger stage of service than earlier than, with out compromising the non-public contact their purchasers have come to anticipate.”
WEG has been rising quickly by means of acquisition not too long ago, with this newest deal bringing its whole belongings to greater than $37 billion.
Thus far this yr, WEG has acquired Reby Advisors, North American Administration, Pillar Pacific, Hoover Monetary Advisors and Lighthouse Wealth Administration. In 2020, it full out six transactions that amounted to $7 billion in belongings and, in 2019, it bought 5 companies that totaled $4.5 billion in belongings.
Earlier this yr, the agency beefed up its board of administrators with the addition of Morningstar CEO Kunal Kapoor to information its know-how stack enhancements.