Clearstead Faucets Former First Republic Wealth President to Chair Board
Clearstead Advisors, a Cleveland-based registered funding advisor with greater than $47 billion below advisement, has tapped Robert “Bob” Thornton as govt chairman and chairman of the board.
Thornton was previously president of First Republic Financial institution Non-public Wealth Administration and brings experience in wealth administration, mergers and acquisitions, advisor recruiting and funding banking.
Throughout his 19 years at First Republic, he recruited over 150 funding advisors serving high-net-worth purchasers and boosted property from lower than $15 billion to over $250 billion. He additionally had stints at companies together with Deutsche Financial institution, Lehman Brothers, Credit score Suisse and Goldman Sachs.
“His nationwide perspective, strategic imaginative and prescient, and management will likely be instrumental as we plan for our future and proceed to develop our agency nationally,” mentioned Clearstead President & CEO Brad Knapp in an announcement.
Knapp took the lead job at Clearstead in December. The agency, which is backed by personal fairness agency Flexpoint Ford, made its first acquisition below his tenure in February.
In 2023, First Republic was seized by regulators after a run on deposits and was then acquired by JPMorgan Chase.
Procyon Hires Two to Improve Funding Choices
Procyon Companions, a Shelton, Conn.-based RIA overseeing $8 billion in shopper property, has employed senior leaders to bolster its funding capabilities.
Massimo Santicchia would be the senior vp and head of U.S. equities, and Katherine Gallagher would be the senior vp and portfolio supervisor.
In accordance with an announcement, Proycon, which is a part of the Dynasty Monetary Companions Community, made the hires to supply extra superior funding capabilities to purchasers. Santicchia and Gallagher be part of with greater than a decade of expertise creating portfolio funding methods as a workforce.
Santicchia has greater than 30 years of expertise in quantitative investing, portfolio development, and factor-based analysis. He has developed funding methods for mutual funds, unit funding trusts, and individually managed accounts.
Gallagher focuses on multi-asset investing, asset allocation and supervisor choice, with 20 years of expertise managing ETFs, mutual funds and proprietary fairness methods.
RIA Apella Wealth Provides $518M in AUM with Acquisition of Marrella Non-public Wealth
Apella Wealth, a West Hartford, Conn.-based registered funding advisor with $5.31 billion in property below administration, has acquired Wyomissing, Penn.-based Marrella Non-public Wealth.
The transfer provides $518 million in shopper property together with lead managing administrators and wealth advisors Samuel Marrella Sr. and Paul Marrella. The pair convey monetary planning and funding administration capabilities whereas increasing Apella’s presence in Pennsylvania.
The deal is Apella’s twenty first since its founding in 2014 and the tenth since partnering with Wealth Companions Capital Group, a monetary providers holding firm that invested in Apella in September 2021.
Marrella was represented by Derek Bruton of Gladstone Associates within the transaction.
$140M Advisor Workforce Leaves Truist for Janney in New Atlanta Workplace
A workforce of three advisors with Truist has left to start out Duggan Faires Funding Companions in Atlanta with Janney Montgomery Scott. Glen Duggan, who has 28 years of expertise in monetary providers, will be part of Janney as senior vp of wealth administration.
Randy Faires, who works with high-net-worth people and households, will be part of as vp of investments. David Conrod, who has been in monetary providers for over 25 years, will likely be a senior registered personal shopper affiliate.
The agency advises on $140 million in shopper property and can function from a lately opened Janney in Atlanta. The Philadelphia-based agency has greater than 75 staff within the area.
Residents Snags Southern California Advisor Workforce from Merrill
Residents Monetary Group, a financial institution and monetary providers agency primarily based in Windfall, R.I., has added a Newport, Calif.-based advisor workforce led by Wealth Supervisor Kris Reddaway. The workforce focuses on ultra-high-net-worth people, households and companies.
Reddaway and his workforce, which beforehand managed about $900 million in shopper property, left Merrill within the transfer, the place Reddaway was a managing director in personal wealth administration for about 5 years. Reddaway is joined by Joseph A. DiBuono, senior funding specialist, and Dianna Vetter, senior shopper affiliate.
The transfer is a part of Residents’ continued effort to develop its wealth administration capabilities in key markets. The Reddaway group will work with Residents Non-public Banks in San Diego and Newport Seashore.
AllianceBernstein CFO Jackie Marks Steps Down After One Yr
Asset supervisor AllianceBernstein’s CFO has stepped down after about one yr within the position, in keeping with a March 12 submitting with the Securities and Trade Fee.
Thomas Simeone has been promoted to CFO from controller and chief accounting officer, a job he has held since 2023 after being with the agency for nearly 20 years.
No purpose was given for Mark’s departure, and Nashville, Tenn-based AllianceBernstein declined to remark past the submitting.
That submitting mentioned that her leaving “shouldn’t be associated to any accounting or different dispute, and she is going to obtain a typical severance package deal, which incorporates wage continuation for six months and a portion of her 2025 incentive compensation.”
