Minneapolis-based Wealth Enhancement, which oversees greater than $156 billion in shopper property, has agreed to purchase a follow that was managing greater than $760 million at a New York Metropolis-based RIA.
The Shufro-Glass Group, which traces its roots to 1938, is led by Gregory D. Shufro and Stephen J. Glass, and contains three assist employees. They’re presently with Shuro Rose, an RIA that manages round $2.5 billion, in line with its Kind ADV.
Shufro, a former lawyer, joined the RIA in 2003 and have become an proprietor in 2008. He’s the third technology of his household on the agency, which was based by his grandfather, Salwyn Shufro. The primary Shufro counted comic and actor Groucho Marx amongst his shoppers, in line with a agency historical past.
Glass began at Shufro in 1988 and have become an proprietor in 1997, in line with federal filings. He stated in an announcement that the rising calls for of operating an RIA led them to hunt a bigger companion.
“Whereas constructing and managing our agency has been an necessary a part of [our] journey, the rising complexity of operating an advisory enterprise takes time away from serving shoppers,” Glass stated in an announcement.
A spokesperson for Shufro Rose didn’t return a request for remark. There are three different teams on the RIA, in line with its web site.
Shufro and Glass will obtain fairness in Wealth Enhancement as a part of the deal. Particular phrases of the transaction, which is about to shut in August, weren’t disclosed.
Wealth Enhancement is majority owned by personal fairness companies TA Associates and Onex Companions.
Constantly among the many most energetic acquirers within the trade, Wealth Enhancement has to date this yr introduced no less than seven acquisitions of practices with $9.5 billion in collective property.