Sequoia Financial Acquires CCM
Sequoia Financial Group, LLC, an SEC-registered wealth manager with $22.6 billion in assets under management (AUM), and Carlson Capital Management, LLC, a Northfield, Minnesota-based investment advisory firm with $3.8 billion in client assets, have reached an agreement for Sequoia Financial to acquire CCM.
The firms expect to complete the transaction on March 31. Financial terms were not disclosed.
Founded in 1987, CCM provides integrated wealth management services including investment, retirement, tax, estate, risk management, and philanthropic planning to approximately 1,300 clients, primarily in the greater Minneapolis-St. Paul area. CCM has 80 team members, including 30 wealth advisors.
Upon completion of the acquisition, co-founders Gregory Carlson and Jeffrey Carlson will become senior strategic advisors, and CEO Justin Stets will be executive vice president of integrated wealth services for Sequoia Financial, reporting to CEO Tom Haught.
“In Sequoia Financial, we have found a partner that embodies our values of integrity, teamwork, and extraordinary service,” said Justin Stets, CEO of CCM. “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience. By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
“Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service,” said Tom Haught, CEO of Sequoia Financial. “CCM expands our growing national presence, has a deep bench of innovative advisors, and adds a highly regarded tax planning and tax compliance capability to our practice.”
With CCM’s four Minnesota locations, Sequoia Financial will have 34 offices in 19 states. Sequoia Financial has grown organically and through acquisitions to expand its services and geographic footprint.
Faegre Drinker Biddle & Reath LLP served as legal counsel and Turkey Hill Management, LLC served as financial advisor to CCM. Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia Financial.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
