BIP Wealth, an Atlanta-based RIA backed by Constellation Wealth Capital, has purchased an RIA managing $773 million in belongings, in accordance with an announcement on Wednesday.
Milton, Georgia-based BlueChip Wealth Advisors was co-founded by Marcus A. Ashworth and contains advisors Beau H. Davis and David M. “Mitch” Smith. They registered with BIP on November 5, in accordance with registration data.
BlueChip will preserve its title however add “A BIP Wealth Firm” to its title, in accordance with the announcement.
Ashworth wrote on LinkedIn that he “might have offered on the highest a number of and walked away,” however “needed a companion that shares our values, might take compliance, operations and HR off our plate, and will give our shoppers capabilities which can be arduous for a agency our dimension to construct alone.”
Ashworth began his profession with McLaughlin, Piven, Vogel Securities in 1997 and labored at A.G. Edwards & Sons, Morgan Keegan and LPL Monetary earlier than launching BlueChip by means of Triad Advisors, in accordance with registration data. He didn’t reply to a request for remark.
BlueChip reported about $666 million in regulatory AUM throughout 1,041 accounts in a Kind ADV filed in July. Ashworth, who owns a minimum of three-quarters of the agency in accordance with the submitting, stated on LinkedIn that the agency oversees greater than $800 million.
BIP, based in 2007, reported about $5.three billion in regulatory belongings underneath administration and 88 workers, in accordance with a Kind ADV filed in September. Constellation, which buys minority stakes in wealth administration companies, took a stake of between 10% and 25% in BIP in February.
A BIP spokesperson didn’t reply to a request for remark.