[ad_1]
Arax Funding Companions, a wealth administration platform backed by personal fairness agency RedBird Capital Companions, has acquired Excel Securities & Associates, a Rochester, N.Y.-based impartial dealer/supplier and RIA with $1 billion in shopper property.
The agency will now function as Ashton Thomas Securities, borrowing the identify from an RIA Arax acquired final yr, Ashton Thomas Non-public Wealth. Phrases of the settlement weren’t disclosed.
At the side of the acquisition, Ashton Thomas Non-public Wealth added a $2 billion AUM group from Alex. Brown, a division of Raymond James. The Stafford Schauer Non-public Wealth Group, led by Chris Stafford and Cory Schauer, will even launch a brand new downtown Boston workplace. Each advisors had been beforehand with Deutsche Financial institution.
“Ashton Thomas, and the broader Arax platform, afforded us the distinctive alternative to affix a real partnership, whereas nonetheless gaining access to the providers and options wanted for our seasoned shopper base,” Stafford mentioned in an announcement.
Arax introduced its funding in Ashton Thomas Non-public Wealth final September.
Based mostly in Scottsdale, Ariz., Ashton Thomas was based in 2010 and gives foundations, companies and rich people and households with fee-based monetary planning and funding portfolio administration, in addition to retirement plan consulting and monetary schooling.
Arax additionally introduced the rent of Sumit Handa, a former managing director and associate of Pennington Companions & Co., as its new chief funding officer. Within the function, he’ll oversee the agency’s funding technique, portfolio administration and asset allocation.
“Arax is pioneering a brand new multi-platform strategy to wealth administration,” Arax CEO Haig Ariyan mentioned. “As we speak’s bulletins reveal Arax’s attractiveness to main wealth managers, our dedication to best-in-class advisor assist and infrastructure, and retaining one of the best expertise within the business.”
[ad_2]
