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Arax Funding Companions, a wealth administration platform backed by personal fairness agency RedBird Capital Companions, has acquired U.S. Capital Wealth Advisors, a hybrid dealer/vendor and registered funding advisor with $9 billion in complete belongings throughout 5,500 shoppers and 62 advisors.
The agency, headquartered in Houston, will function as a definite model on Arax’s platform and never be merged into any of its different entities. Along with Houston, it additionally has workplaces in Austin, Dallas and Georgetown, Texas, as effectively New York and Massachusetts.
U.S. Capital Wealth Advisors was created in 2021 when U.S. Capital Advisors, co-founded by Pat Mendenhall and Dave King, merged with Legacy One Monetary, a Service provider Funding Administration–backed RIA in Austin led by Jim Fortescue.
During the last a number of months, Arax has been constructing a reputation for itself within the wealth administration M&An area. Earlier this 12 months, it acquired Excel Securities & Associates, a Rochester, N.Y.-based IBD and RIA with $1 billion in shopper belongings. That agency now operates as Ashton Thomas Securities, borrowing the identify from an RIA Arax acquired final 12 months, Ashton Thomas Non-public Wealth.
Arax introduced in March that Ashton Thomas Securities would proceed to make use of Pershing for clearing and custody. The agency considers this a brand new relationship with Pershing, one which almost definitely will develop into a bigger one as Arax continues to amass and scale its wealth administration enterprise. Arax has relationships with Schwab Institutional, NFS, and Constancy Brokerage Companies for the majority of its custody and clearing wants.
Arax now has 120 advisors serving over 12,000 shoppers throughout greater than $16 billion in belongings below administration and advisement.
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