The latest mergers and acquisition activity in the world's wealth management sector.

Private equity house Warburg Pincus has completed its purchase of financial advisor platform business Kestra Financial.

Funds managed by Stone Point Capital, the firm’s previous majority owner, will maintain a minority stake in the company as will Kestra Financial’s management team and a number of the company’s financial advisors, Kestra said in a statement yesterday. Kestra is based in Austin, Texas, and supports more than 2,000 independent financial advisors.

As previously reported in February this year, Goldman Sachs & Co LLC and BoA Merrill Lynch served as Kestra Financial’s financial advisors in this transaction, and Kramer Levin Naftalis & Frankel served as legal counsel for the company. Wachtell, Lipton, Rosen & Katz served as corporate counsel and Kirkland & Ellis LLP served as financing counsel for Warburg Pincus.

Separately, in early May Kestra announced a number of technical enhancements to its service offerings. 

NYPB&T
New York Private Bank & Trust, through its subsidiary Emigrant Partners, has invested in AUTUS Asset Management, a firm based in Scottsdale, Arizona.

AUTUS has more than $950 million in assets under management and was founded more than 15 years ago.

Republic Capital Group served as the exclusive advisor to AUTUS Asset Management, a statement from the parties said.

New York Private Bank & Trust (NYPB&T), founded in 1850, says that it is the largest privately-held, family-owned firm operating bank in the US.