Arete Wealth, a Chicago-based dealer/supplier and funding advisory agency, has added HudsonPoint Capital to its community of branches. The HudsonPoint group, based mostly Jersey Metropolis, N.J., joins from B. Riley Wealth Administration.
This follows latest information that B. Riley Monetary would promote a portion of its wealth administration enterprise to Stifel Monetary Corp. for as a lot as $35 million in money.
HudsonPoint was based by Managing Accomplice Russ Zalatimo in 2005. The group has been with B. Riley because it acquired their earlier dealer/supplier, Nationwide Securities, in 2021.
HudsonPoint focuses on offering entry to various investments to its high-net-worth purchasers, with a selected concentrate on market-neutral methods. That performed a giant position within the agency’s choice to maneuver to Arete, which additionally has experience in alternate options. The transfer will broaden its entry to such alternate options as pre-IPO shares, personal fairness, hedge funds, personal credit score, actual property, vitality and extra.
“With our dedication to minimizing purchasers’ reliance on standard inventory market merchandise, Arete’s strong community and specialised experience will additional empower us to ship tailor-made monetary options that align with the distinctive targets of our advisors and purchasers alike,” stated Zalatimo, in an announcement.
“This partnership underscores our shared dedication to offering high-net-worth purchasers with entry to various funding alternatives,” stated Joshua Rogers, founder and CEO of Arete Wealth, in an announcement.
Arete Wealth was based in 2007. As of the top of August, the agency had about $6.1 billion in property underneath administration and 230 wealth advisors in additional than 50 places of work across the nation.
A number of B. Riley groups have jumped ship on information of the sale of the wealth administration division. Final month, Kestra Monetary, the unbiased dealer/supplier subsidiary of Kestra Holdings added Empowerment Monetary Methods, a Boca Raton, Fla.-based group managing $1.4 billion in shopper property from B. Riley Wealth Administration.