Clearstead Advisors, a Cleveland-based RIA overseeing round $68 billion in consumer belongings, acquired a observe in Philadelphia that was managing about $2.6 billion, in response to an announcement on Wednesday.
Led by Paul J. Bracaglia, the nine-person workforce joined Clearstead from myCIO Wealth Companions, a Philadelphia RIA with round $15.7 billion beneath administration. The group, which “suggested” on one other $2.7 billion, consists of senior advisors Philip J. Bonelli, Michael D. Finelli, Bruce J. Fenster and Jackson Davey, in response to the announcement.
The transaction closed on Tuesday. All 5 advisors acquired fairness in Clearstead as a part of the deal though particular phrases weren’t disclosed.
“Becoming a member of Clearstead is a win-win for each organizations,” Bracaglia stated in a press release. “It permits us to affix a nationwide group with substantial sources and capabilities.”
Clearstead President and CEO Bradley Knapp stated the workforce was in search of entry to a broader menu of options merchandise, a belief firm, accounting companies and a “broader tax bench.”
“And we have been trying to get an workplace with an amazing consumer record and nice workforce already in place,” Knapp stated.
The deal is Clearstead’s second this yr following its January buy of $5 billion-asset Clarius Group in Seattle.
Clearstead, which generally completes round one or two offers per yr, bolstered its administration bench in April when it employed Shaun McCracken of Acrisure to function govt managing director of M&A.
Clearstead is 60% owned by personal fairness agency Flexpoint Ford with the rest held by executives, advisors and key staff, in response to federal data.
Bracaglia started his profession at PriceWaterhouseCoopers Funding Advisors in 1998. He was joined at PWC by Finelli in 2003 and Bonelli in 2005, earlier than all three moved to myCIO in 2007. Fenster was with PWC from 1998 to 2009 after which spent two years with Ernst & Younger Funding Advisors earlier than transferring to myCIO in 2012. Davey first grew to become registered at myCIO in 2017.
“We want the departing enterprise success of their new partnership,” myCIO Senior Accomplice David Lees stated in a press release.
Bacaglia didn’t instantly reply to a request for remark.