EP Wealth Scoops Up $900M Silicon Valley RIA

EP Wealth Advisors, a $44 billion fee-only RIA primarily based in Los Angeles, acquired a California agency with round $900 million in belongings, in line with an announcement on Tuesday.

Menlo Park-based Opes Wealth Administration was based in 2005 by former Wells Fargo advisor Mark T. Duvall, who runs the apply together with Erin Whalen, in line with the announcement. The RIA consists of two different advisors and 4 help employees. They registered with EP Wealth on June 26, in line with licensing information. 

It’s the second time that Duvall has offered the apply. He and a since-retired co-founder offered Opes to Flagstar Financial institution in 2017. On the time, it was primarily a mortgage originator with 39 places and round $325 million in wealth belongings. Duvall purchased again the wealth enterprise two years later, Opes advisor Tracie Southerland wrote in an e-mail.

The RIA’s roughly 450 purchasers embrace workers at Apple and Google, in line with its Kind ADV and the announcement. 

Duvall first registered with Wells’ non-public financial institution in 1997, in line with registration information. 

The acquisition establishes EP’s 12th California location and its fourth within the Bay Space. EP has accomplished 5 acquisitions to date this 12 months, together with in January a Scottsdale, Arizona RIA with $730 million. 

EP is majority owned by its workers and minority backed by Berkshire Companions and Ares Administration. An organization spokesperson didn’t reply to a request for extra remark. 

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