The latest mergers, acquisitions and team additions/departures affecting the North American wealth management sector.

William Blair
William Blair, the investment banking, management and private wealth house, has opened a new office in Los Angeles, California. It has also boosted its private wealth management capabilities by adding a team of ex-Merrill Lynch advisors, now operating under the label of Walsh, Amar & Associates, who are also based in Los Angeles.

With this new office, William Blair’s Private Wealth Management group has expanded to an additional six cities in the US over the last five years. 

The new team joins William Blair from Merrill Private Wealth Management and includes: Michael E Walsh, managing director, wealth advisor; David M Amar, managing director, wealth advisor; Ashley P McGuinness, business manager; and Bailey J Harrison, client relationship associate. 

The advisors managed more than $1 billion in client assets at their prior firm; this will be added to the $38 billion in private wealth assets (as of March 31) that William Blair oversees.

New York Private Bank & Trust
New York Private Bank & Trust, through its subsidiary Emigrant Partners, has invested into Pure Financial Advisors, taking a minority stake in a firm overseeing more than $2.4 billion in assets. The stake’s financial value was not disclosed.

Founded in 2007, California-based Pure is a fee-only registered investment advisor firm with offices in San Diego, Orange County, and Los Angeles.

The transaction will provide Pure with access to capital for organic growth initiatives and reinvestment in the company, M&A support for future acquisitions and the resources of the bank. 

"The company’s tech-enabled infrastructure – coupled with its successful business development process - has remained incredibly resilient through the current pandemic. We look forward to supporting Pure’s vision and objectives for the company’s next wave of growth,” Karl Heckenberg, president and CEO of Emigrant, said.

Pure was represented by Liz Nesvold and Ralph Puthota, investment bankers with the asset and wealth management group of Raymond James Investment Banking. Nathan Moore, Chalyse Robinson, Bill Caporizzo, J C Minko and Stephanie Evans from WilmerHale served as Pure’s legal counsel. Rob Wood and Jim Abbott from Seward & Kissel served as Emigrant’s legal counsel.