Advisory M&A News – 10/23/23

Sequoia Financial Group to Acquire M Capital Advisors

Sequoia Financial Group LLC, which provides wealth management and retirement planning, announced it has entered into an agreement to acquire M Capital Advisors. The firms expect the transaction to close by Oct. 31.

M Capital, based in Nashville, Tennessee, with an office in San Antonio, has $930 million in assets under management as of September 30. Its clients are high-net-worth individuals, families and institutions.

“Becoming part of Sequoia Financial will provide M Capital clients with broader and more tailored wealth management solutions, especially in the high- and ultra-high-net-worth areas, supported by Sequoia’s extensive operational, technological, and financial resources,” Frank Mastrapasqua, founder and chairman of M Capital, said in a statement. “Sequoia’s talented national wealth advisor team is second to none.”

Formed in 1993, M Capital employs a team of 13 professionals. Alongside Frank Mastrapasqua, the firm is led by CEO Mauro Mastrapasqua, chief portfolio strategist Edwin Barton, CIO Patrick Snell and principal and portfolio manager Claude Koontz.

Charles Drew Group Joins UBS

UBS, which provides wealth management and retireman plan advisement, announced that a four-person adviser team, the Charles Drew Group, has joined the firm. The team will be based out of UBS’ Washington, D.C. office, part of its Philadelphia D.C. wealth management market.

The team, which manages $460 million in client assets, is led by managing director and financial adviser Charles Drew and includes financial advisers Bennett Kavlick and Matthew Tomczuk and client service associate Justin Hatch.

“Charles is a very talented adviser with decades of experience, and we are proud to welcome him and his team to UBS,” Julie Fox, a Philadelphia D.C. market executive at UBS Private Wealth Management, said in a statement. “Hiring productive advisers like Charles is a key priority for us in the important Washington, D.C. market.”

Previously Drew was a senior financial adviser with Merrill Lynch Wealth Management in Washington, which he joined in 1994. He was named to the Forbes/Shook Research Best-in-State Wealth Advisors list for 2023.

Mercer Advisors Acquires Kingfisher Capital LLC

Wealth management and financial planner Mercer Global Advisors announced the acquisition of Kingfisher Capital LLC, a wealth management firm located in Charlotte, North Carolina.

“KC is an ideal fit for us,” Dave Welling, CEO of Mercer Advisors, said in a statement, “Together with our already strong presence in the South/Southeast, we present a formidable juggernaut. We are thrilled they are joining the Mercer Advisors team and look forward to working together to deliver meaningful results for our shared clients.”

KC was founded by Alexander Miles and H.K. Hallett in 1989. The firm serves approximately 210 clients with assets under management of approximately $630 million.

“After a comprehensive search, we were introduced to David Barton, vice chairman at Mercer Advisors, who leads mergers and acquisitions for Mercer Advisors,” Hallett said in a statement. “After meeting with Dave, we knew we had found the right partner that was not only a national family office RIA with institutional investment capabilities, but also a firm with dozens of estate planning lawyers, a dedicated team of CPAs and other tax professionals, and corporate trustee and other services in-house, and all under one roof.”