The latest transactions and acquisitions in the North American wealth management industry.

Creative Planning, TrueWealth
Creative Planning, the US-based RIA, has acquired TrueWealth, another registered investment advisor, based in Atlanta, Georgia. 

TrueWealth oversees about $1.6 billion in assets under management. Creative, by contrast, manages more than $50 billion in assets across the US. The financial terms of the acquisition were not disclosed in Creative Planning’s statement yesterday.

"This is our largest and most significant acquisition to date. TrueWealth has a substantive, positive impact on our talent pool, with a large team of experienced, credentialed advisors,” Peter Mallouk, chief executive of Creative Planning, said. “We met with several firms in Atlanta, and TrueWealth is the clear choice to help us expand our presence."

Creative Planning provides financial planning, retirement planning, estate planning, trust services, tax advice and family office services.

CIT, FirstSun
CIT Bank’s trust and advisory business has been acquired by FirstSun Capital Bancorp, via the latter’s subsidiary, Sunflower Bank. CIT Bank is part of New York-listed CIT Group. The trust and wealth advisory business was part of Mutual of Omaha Bank which CIT acquired at the beginning of 2020.

The financial terms of the acquisition were not disclosed.

The deal enables FirstSun to forge ahead with its growth in the Southwest, a statement from the organizations said yesterday.

The acquisition adds around $800 million in assets under administration and approximately 20 wealth advisors, trust specialists and investment professionals to FirstSun. 

Before the transaction was complete, Sunflower Bank had about $1 billion in wealth management assets under administration. Its full-service wealth management platform includes wealth planning, investment management, brokerage, private banking and corporate retirement planning. 

Founded 128 years ago, Sunflower Bank has operated as a trust company for over 50 years.