Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.
Deals & People February 10, 2020
There Were 13 RIA Transactions in January Totaling $18.9 Billion
After a record year for wealth management M&As in 2019, Fidelity expects the momentum will continue into 2020.
Reported by Lee Barney
Fidelity Investments reports that there were 13 mergers and acquisitions (M&As) between registered investment advisers (RIAs) in January, totaling $18.9 billion in client assets. Following a record year for wealth management M&As in 2019, Fidelity expects that the pace of the transactions could continue into the new year. Fidelity notes that sales of multi-billion-dollar firms continue to grow, with five of the 13 transactions representing 84% of total assets under management (AUM).
Earlier this month, the national health care and insurance benefits provider OneDigital announced it had acquired Resources Investment Advisors LLC (Resources), an advisory network headquartered in Overland Park, Kansas.
At the very end of last month, DiMeo Schneider & Associates LLC and Fiduciary Investment Advisors LLC (FIA) announced they were combining to make one RIA, with approximately $180 billion in assets under advisement. Of the assets under advisement, approximately $140 billion is defined contribution (DC) assets, of which approximately a quarter—more than 100 clients—is 403(b) plans.