Summit Monetary, a Parsippany, New Jersey-based RIA owned by Service provider Funding Administration, has added two groups that managed $520 million mixed, in line with an announcement.
The bigger addition, Florida-based M Group Funding Advisors, left LPL Monetary in April to hitch Summit. The group, led by Edward G. Leeper and John A. Marcelia, had managed $350 million in belongings and operated its personal RIA that brokered by way of LPL. Marcelia has additionally affiliated with impartial broker-dealer Purshe Kaplan Sterling.
Individually, Kamal Capital Group left Merrill Lynch in March and had overseen round $170 million in belongings. The agency is run by cousins Danny Z. Kamal and John Robert Kamal, who spent 16 and eight years, respectively, on the wirehouse and at the moment are additionally with Summit and PKS. The observe was based in 1984 by a since-deceased advisor.
All 4 principals offered minority stakes of their practices in change for money and fairness in Summit Development Companions, in line with Summit Chief Government Stan Gregor.
Gregor stated in an interview that Summit, which has round $30 billion in belongings beneath administration, is “touchdown a lot bigger offers and groups” than beforehand. Though these groups are comparatively small in comparison with a $1.2 billion buy of one other Service provider-backed RIA earlier this 12 months, Gregor expressed confidence they have been prospecting “large relationships that would multiply their numbers fairly rapidly.”
Summit has added six practices managing a mixed $2.2 billion in belongings this 12 months, in line with an organization spokesperson. The RIA introduced no less than 14 additions in 2025 and 18 in 2024.