Northern Trust to Oversee $18.5B NM Retirement Fund
Northern Trust to Oversee $18.5B New Mexico Retirement Fund
Northern Trust has been selected by the State of New Mexico Educational Retirement Board (NMERB) to provide asset servicing solutions to the $18.5 billion fund including custody, accounting, post-trade compliance, performance measurement and advanced support for alternative and derivative investments as well as their financial reporting requirements.
NMERB provides retirement benefits to active and retired employees of New Mexico public schools, institutions of higher learning and certain employees at state agencies who work in educational programs.
“We’re proud to support NMERB as they continue to advance their investment operations,” said Melanie Pickett, head of Asset Servicing, Americas. “As asset servicing provider to nearly 250 public fund clients, including more than 40 new mandates in the last five years, our growth reflects the value we place on collaboration, tailored client service, and continuous improvement. By leveraging Northern Trust’s advanced analytics and streamlined reporting tools, NMERB can enhance transparency for its stakeholders and improve decision-making processes for its investment team.”
David Archuleta, executive director at NMERB, said: “From the start, Northern Trust demonstrated a genuine commitment to understanding our needs and being a true extension of our team. We’re confident that their attentive, responsive service model and strong focus on operational efficiencies will strengthen NMERB’s ability to serve its members.”
MassMutual, Orion Partner on Wealthtech
MassMutual and wealthtech provider Orion have added the new Wealth Management Solutions (WMS)-Orion platform.
According to MassMutual and Orion, benefits of the WMS-Orion platform include enhancements to its advisor experience, expanded investment access, and scalable support from Orion’s sales professionals.
“At MassMutual, we’re committed to meeting financial professionals where they are in their client service and growth journey and equipping them with the tools and support they need so they and their clients thrive,” said Vaughn Bowman, head of wealth management with MassMutual. “This new platform reflects that commitment, offering a flexible, integrated solution that aligns with how our advisors do business today and how they want to grow tomorrow. By expanding access to investment strategies, streamlining workflows, and providing dedicated, white-glove support, we’re creating an environment where advisors can focus on what matters most: delivering exceptional outcomes for their clients.”
“We’re proud to deliver a platform that’s purpose-built for MassMutual’s advisors,” said Ron Pruitt, president of Orion Wealth Management. “This collaboration reflects our shared focus on helping advisors maximize their time and energy on what matters most – growing their business and serving clients.”
The WMS-Orion platform is available to financial advisors affiliated with MML Investors Services (MML), MassMutual’s independent broker/dealer and investment adviser subsidiary.
Summit Financial Expands AI Advisor Growth Platform
Summit Financial has added eight wealthtech tools to its integrated technology ecosystem.
In recent months, Summit has added seven solutions that support organic growth, identify M&A and tuck-in opportunities, and elevate efficiency. The platform’s newest integrated tools include:
- Absolute Capital — Self-directed 401(k) account management for advisors
- FinLink — Marketplace for M&A, recruiting & financial opportunities
- FINTRX — AI-Driven private wealth intelligence
- Microsoft Teams Premium — AI-powered meeting notes, transcriptions, and action items
- Move Health — Personalized healthcare insurance planning
- Retirement Plan Advisory Group (RPAG) — Qualified-plan reporting and analytics
- Wealth.com — AI-powered estate planning platform
- Wealthfeed — AI-driven prospecting and lead generation platform
Over the coming months, Summit Financial expects to continue enhancing its platform with more wealthtech solutions that advisors can adopt to increase their firms’ organic growth, enhance service capabilities, and boost operational efficiency.
“The staggering pace of AI innovation in wealth management is accelerating, so it’s critical that advisors adopt technology today to compete and win,” said Stan Gregor, chairman and CEO of Summit Financial. “AI-enhanced technology can help advisors deepen client relationships, enhance and scale operational efficiencies, uncover new growth opportunities, and gain a clear competitive edge without replacing the human expertise at the heart of great financial advice.”
Advisors will also have direct access to Summit’s Professional Strategy Team, including attorneys, tax specialists, planners, and investment strategists.
Summit Financial has formed two councils tasked with identifying, vetting, and recommending technology solutions that can boost Summit’s operational efficiency while further enhancing the client and advisor experience. The Corporate Innovation Committee (CIC) includes executive leadership that evaluate strategic technology investments and the Innovation Advisor Committee (IAC) partners with financial advisors to provide feedback on tools and solutions.
Wealthspire Advisors Buys $380M Marin
Wealthspire Advisors LLC, an NFP company and independent registered investment advisor with $31 billion in AUM, has entered into an agreement to acquire Marin Financial Advisors, an RIA based in Larkspur, California, with more than $380 million in AUM.
Led by Principal Colin Drake, Marin Financial Advisors has provided individuals and families with personalized financial guidance since 1987. Drake will continue serving clients alongside Client Service Director Christine Cione.
“From the first conversation, it was clear that Colin’s values align closely with ours,” said Mike LaMena, CEO of Wealthspire Advisors. “He brings a relationship-driven mindset and deep sense of client loyalty that reflect everything we believe in as a firm. We are honored to welcome him, his team, and his clients to Wealthspire.”
“We’ve always shown up for our clients with care, attention, and practical and personal advice,” said Drake. “This transition enables us to keep taking great care of them, while adding more support behind the scenes.”
Drake says his decision to join Wealthspire followed a period of reflection after the passing of Dave Shore, Drake’s business partner and founder of Marin Financial Advisors. “After losing Dave, I knew we needed a partner we could trust to help carry this work forward,” Drake added. “Having worked with the firm’s West Coast team [at predecessor firm Private Ocean] for over a decade, the team members are already like family, and I feel confident that this relationship honors the past while preparing us for the future.”
Through the transaction, Marin clients will gain access to expanded resources and services in trust and estate planning, tax and insurance guidance, and investment research. Wealthspire also offers ongoing educational opportunities, including webinars, quarterly updates, and in-person events.
MAI Capital Management Announces Strategic Partnership with Evoke
MAI Capital Management, a registered investment advisor (RIA) has partnered with Evoke Advisors, a Los Angeles based RIA.
Together, the firm will manage approximately $60 billion across more than 30 offices nationwide.
Evoke provides services including investment advice, family office services, financial planning, trust and estate planning, tax strategy, accounting and institutional consulting.
“As our industry continues to evolve, growth is about far more than scale—it is about enhancing capabilities and providing the highest level of service possible for our clients,”
said Rick Buoncore, chairman & CEO, MAI. “When discussions with Evoke began, we quickly realized that the entire group shared our client-centric culture and provided specialized offerings that complement our own. This strategic partnership cements MAI as a destination firm by leveraging Evoke’s distinguished team, along with our own people and differentiators, resulting in a distinct client experience.”
Clients of both firms will benefit for additional services including financial planning, investment management, retirement planning, family office capabilities and institutional consulting.
“We founded Evoke with a clear vision to create a client-focused organization,” said David Hou, co-founder and managing partner at Evoke. “After an in-depth search process, we decided that joining forces with MAI gives our team the scale and resources to deepen our offerings while preserving the vision that brought us to this point. This partnership provides both firms with the opportunity to enhance our abilities to best serve clients and enable the long-term success of the firms we built.”
The terms of the deal, which is expected to close by the fourth quarter of 2025, are not disclosed. AO Shearman is serving as legal counsel to MAI. Ardea Partners LP is serving as exclusive financial advisor and Ropes & Gray is serving as legal counsel to Evoke.
Eaglebrook Hits $400M AUM
Eaglebrook, an investment platform that provides registered investment advisors (RIAs) with access to bitcoin and other digital assets, has surpassed $400 million in assets under management (AUM).
Eaglebrook’s investment platform oversees $1.7 trillion in assets across 90 RIA partners.
Eaglebrook is used by RIAs including Mariner Wealth Advisors, CAPTRUST, Dynasty Financial Partners and Savant Wealth Management.
“Surpassing $400 million in assets reflects the growing demand for access to bitcoin and other digital assets among advisors as well as the real value Eaglebrook delivers through our technology,” said Chris King, founder and CEO of Eaglebrook. “Our mission since day one has been to provide advisors with a frictionless, tax efficient and compliant way to integrate digital assets across client portfolios. As bitcoin gains mainstream acceptance, we have seen a tremendous pickup in activity and deal velocity. We are excited to be at the forefront as institutional adoption ramps up.”