Wauwatosa-based Next Generation Wealth Management
has been acquired by California-based Beacon Pointe Advisors
, making it the first Wisconsin office for the registered investment advisory firm.
NGWM founding partner David Massart
joined Beacon Pointe as a managing director and partner. Eileen Karvala
, Jeffrey Kralovec
, Jeffrey Robbins
and Michael Weil
have also joined Beacon Pointe.
Terms of the deal were not disclosed. NGWM had $563 million in assets under management when the deal was announced.
The transaction was one of five acquisitions Beacon Point made at the end of 2021. The firm made a total of 14 acquisitions covering more than $7 billion in assets under management last year, up from four deals for $2 billion in assets under management in 2020.
The firm now has 33 offices around the country and $25 billion in assets under management.
Beacon Pointe also received an investment from global investment firm KKR in November. The deal left the Beacon Pointe team with more than 50% ownership of the firm and allowed Arby Partners to fully exit the company.
“With our incredible growth and now 33 offices nationwide and approximately $25 billion in assets under advisement, client-centric service and firm culture are still our forefront guiding principles,” Shannon Eusey, chief executive officer of Beacon Pointe, said when the five deals including NGWM were announced. “We have many bright minds and an energetic professional team that are only going to enhance both. And now, with the support of KKR, we could not be more excited for what lies ahead in 2022.”
Read BizTimes Media's Business Cares coverage focused on education in the Feb. 21 issue of BizTimes Milwaukee: