The Carson Group announces a new equity partnership with Northwest Capital Management, a registered investment advisor (RIA) with $5 billion in assets under management, Waverly Advisors acquires Austin, Texas-based Silicon Hills Wealth Management, and more.
Carson Group adds $5 Billion RIA
Carson Group announced an equity partnership with Northwest Capital Management (NWCM), a retirement and investment advisory firm that specializes in wealth management services for individuals and retirement plan services for plan sponsors and their participants.
The team will continue to be led by managing director, partner and senior investment advisor, Brent Petty, CFP, AIF and senior investment advisor, Fred Payne, Jr. CFP, with office locations in Portland, Oregon, and Seattle, Washington.
Northwest Capital Management (NWCM), Inc. was founded in 1998 in Portland, Oregon as an independent and privately held investment advisory firm and has grown to a team of 13 that serves more than $5 billion in assets under management.
The partnership will provide NWCM with enhanced resources and expanded capacity, along with access to Carson’s leading investments platform. This will help support NWCM’s client base and provide retirement plan participants with experienced insights on legislation and regulations, elevating the level of expertise and service they receive.
“Our affiliation with Carson will allow us to expand our resources considerably, gaining a larger support staff for client service, financial planning, investment research, portfolio analysis, trading and investment monitoring,” said managing director, partner, and senior onvestment advisor, Brent Petty, CFP, AIF.
The partnership also allows Carson Group to further expand its retirement plan service offerings, which is a growing trend that advisors and clients are seeking.
“With more clients seeking holistic planning solutions, our partnership with NWCM is another part of the strategic puzzle that will allow us to better compete in the retirement planning space,” said Jamie Hopkins, managing partner of wealth solutions for Carson Group. “The team at NWCM has spent the last three decades building a tremendous business. We are excited to learn from them and continue to build on the value we can bring to the table.”
Carson Group currently manages $28.2 billion in assets and serves more than 46,000 families among its advisory network of over 140 partner offices.
Manulife Investment Management selects CIO of Public Markets
Manulife Investment Management has appointed Colin Purdie as its new chief investment officer, Public Markets. Purdie will join the firm on December 1, succeeding Christopher P. Conkey, CFA, who is retiring from Manulife Investment Management at the end of 2024 after 13 years with the firm and a career spanning more than 40 years in asset management.
Conkey first joined Manulife in 2010 as the chief investment officer, global equities. He took on leadership responsibility for global fixed income in 2013 and the multi-asset solutions team in 2015. In 2017, he was appointed as the firm’s global CIO and head of Public Markets, helping to form the firm’s Global Wealth and Asset Management segment.
“We’re excited to have Colin join us and are deeply appreciative of Chris’s outstanding contributions to our business. When we built the global wealth and asset management segment and set its priorities, it was essential to focus on our clients and their objectives,” said Paul Lorentz, president and CEO, Manulife Investment Management. “With Chris’s leadership and guidance, we established a foundation of pursuing consistent returns through both market growth and volatility and expanded our solutions through organic team builds and acquisitions while also integrating ESG factors into our listed equity and fixed-income portfolios.”
“I’m proud of what we’ve delivered to clients over the past 13 years, and I’m confident that Colin will continue to build on the foundation that’s been established for our teams and our investors,” said Conkey. “We’ll work closely together to establish a deep understanding of where the teams have been and where they see the best opportunities for the future across asset classes to meet the evolving needs of our clients.”
Conkey will become a special advisor to the CEO when Purdie formally joins Manulife Investment Management. He’ll then focus on the leadership transition and shift to special projects within public markets and the broader organization for the remainder of his tenure.
As CIO, Public Markets, Purdie will lead the investment team with responsibility for all aspects of the public markets investment processes and the investment performance of its equity, fixed-income, and solutions-oriented strategies. He’ll also be accountable for the development and implementation of the firm’s investment philosophy, risk management approach, and ESG integration. He will report to Paul Lorentz and be based in London.
Purdie will join Manulife Investment Management from Aviva Investors, where he was most recently chief investment officer, liquid markets, and led global teams across credit, equities, multi-asset and macro, ESG, and trading.
Waverly Advisors acquires Silicon Hills
Waverly Advisors, LLC (Waverly), an RIA that specializes in investment management, financial planning and wealth management solutions for high net worth individuals, corporate retirement plans and institutional clients, has acquired Silicon Hills Wealth Management (Silicon Hills) based in Austin, Texas.
Since 2021, the firm has extended its regional footprint across the Southeast; this partnership is Waverly’s first in the Southwest region.
Silicon Hills was co-founded by entrepreneurs Tom Brown and James Werner in 2013 as an innovative and service-oriented wealth management firm. Brown’s entire team, including James, will join Waverly. He will assume the role of Waverly regional director, Austin and continue building a team committed to providing comprehensive wealth management and financial planning solutions for clients within and around the state of Texas.
“As we continue to expand into new markets beyond the Southeast, we believe Tom and his team are the perfect fit to establish Waverly’s presence in Texas,” said Josh Reidinger, CEO of Waverly. “Silicon Hills brings a fresh perspective to innovation and technology, which will further strengthen Waverly’s existing infrastructure and enhance our client services. Most importantly, Tom and his team embrace the same values as Waverly, and we are thrilled to welcome them to our family.”
“When considering a merger, it was important for us to find a like-minded organization as committed as we are to systems and technology solutions, which help our clients navigate their financial lives,” said Brown. “Partnering with Waverly provides our clients with better solutions and strengthened resources.”
This acquisition marks the sixth since Waverly accepted an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform to support Waverly’s ongoing M&A-focused growth. Earlier this year, Waverly announced its acquisition of Omni Wealth Advisors, adding $105 million in assets under management.
The acquisition of Silicon Hills, which closed on June 16, will increase assets under management (AUM) by $255 million, bringing Waverly’s total AUM to approximately $6.1 billion. Financial and legal terms of the deal will not be disclosed.
Senior financial advisor joins Cetera
Cetera Financial Group (Cetera), announced that Senior Financial Advisor Janet Burke has affiliated with Cetera Advisors by joining Sunrise Wealth Advisors.
Burke, who oversees approximately $50 million in assets under administration as of May 31, was previously affiliated with Ameriprise Financial Services, LLC (Ameriprise). These assets will now be housed with Cetera Advisors.
“As a woman in the wealth management field, I’m thrilled to join Cetera, where I feel my unique experiences and voice are both heard and understood,” Burke said. “I’m also excited by the prospect of offering a boutique-style investment experience to my clients, which is a trademark of Sunrise Wealth Advisors – and I know that’s enabled by Cetera’s unique platform.”
“Janet’s years of exemplary experience in a traditionally male-dominated field brings a fresh perspective we’re thrilled to welcome to Cetera,” said Genevieve Sisco, divisional business development director at Cetera. “I have no doubt she will make an excellent addition both to the outstanding service already provided by Sunrise Wealth Advisors and to our community of advisors at Cetera.”
Burke began her career at Lazard Freres in the equity sales department and then worked in several roles within the financial sector – including as vice president of Sales at Bluestone Capital Corporation – before moving to Ameriprise as a financial advisor in 2005.
USRBP partners with The Vistria Group
U.S. Retirement & Benefits Partners (USRBP), a national provider of employee benefits and retirement planning services, announced a strategic partnership with The Vistria Group, LP (The Vistria Group) to acquire the company.
Kohlberg & Company (Kohlberg), the previous majority investor, will remain as a minority investor and partner with The Vistria Group to further accelerate the growth of USRBP. Megan Schneider will continue to lead USRBP as its chief executive officer.
The Vistria Group, with offices in Chicago, Illinois, and Dallas, Texas, is a private investment firm that invests in essential industries like healthcare, knowledge and learning, financial services, and real estate that deliver value for investors as well as communities, employees, and consumers.
“Combining the knowledge and track record of Kohlberg with The Vistria Group’s strong relationships in the K-12 segment, we can leverage these connections to maximize impact in better serving school districts and government entities,” said Schneider, CEO of USRBP. “Our partnership with The Vistria Group brings substantial value to USRBP’s growth strategy across the public, non-profit and private sectors.”
“With the experience and resources of The Vistria Group and Kohlberg, we look forward to continuing our M&A momentum across all service lines,” said Mark Skinner, Founder and Executive Chairman of USRBP. “Our focus has been and will remain client-focused, ensuring we continue to make health benefits and retirement planning easier for teachers and their families.”
MetLife announces leadership changes and role expansions
MetLife, Inc. announced that Steven J. Goulart, chief investment officer and president of MetLife Investment Management, will retire on August 31, in line with the firm’s age-65 retirement policy. MetLife Chief Financial Officer John McCallion will lead MetLife Investment Management (MIM), the institutional asset management business of MetLife.
MetLife Chief Risk Officer Marlene Debel will lead MetLife Insurance Investments, responsible for MetLife’s general account. Ramy Tadros, regional president of MetLife’s U.S. Business, will lead MetLife Holdings (MLH). These appointments will be effective September 1.
MetLife is conducting an internal and external search for a MIM president who will report to McCallion and lead the institutional asset management business, whose clients include insurance companies, corporate plans, public and private pension plans, endowments, foundations and sovereign wealth funds. MIM manages approximately $600 billion in total assets under management.
Goulart joined MetLife in 2006 and was named chief investment officer in 2011. In 2012, he led the launch of MIM’s institutional asset management business.
“I want to congratulate Steve on his retirement and thank him for his myriad contributions, which have helped MetLife keep its promises to clients and build a leading institutional asset manager,” said Khalaf. “Steve has been instrumental in the design of our enterprise strategy and in the progress we have made in delivering on our commitments.”
McCallion has been MetLife CFO since 2018 and previously served as treasurer, in regional and business CFO roles and as Head of Investor Relations. Debel was named chief risk officer in 2019 after previously leading MetLife’s Retirement and Income Solutions business, serving as U.S. CFO and joining the company in 2011 as treasurer.
Chuck Scully, a 22-year veteran of MetLife, will continue to lead investment strategy for the MetLife general account, serving as chief investment officer, MetLife Insurance Investments, reporting to Debel.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
