Reuters logo
New firm to acquire brokers, independent advisers
October 11, 2010 / 2:13 PM / in 7 years

New firm to acquire brokers, independent advisers

* New RIA roll-up firm seeks $1 bln assets by March

* Firm launches with three offices, more expected soon

By Joseph A. Giannone

NEW YORK, Oct 11 (Reuters) - A group of wealth management executives on Monday launched Merion Wealth Partners LLC, the latest in a series of firms eager to expand by consolidating investment advisers and brokers from around the United States.

Merion is an adviser-owned firm that kicks off with offices in Farmington, Connecticut; Bethlehem, Pennsylvania; and the Philadelphia suburb of Berwyn, Pennsylvania. The firm intends to attract registered investment advisors (RIAs) and “break away” brokers who wish to work as independents.

Chief Executive Paul Beideman said Merion is “actively recruiting” advisors with wealthy clients either as regional partners, affiliates or through an acquisition.

With roughly $250 million under management, Merion intends to announce more deals in the coming months and amass more than $1 billion of client assets by the end of March.

Beideman was formerly the CEO of $23 billion Associated Bank in Wisconsin and spent 14 years at Mellon Financial, where he had served as head of retail financial services.

Andres was formerly chief strategist at the Portfolio Management Consultants division of Envestnet Inc (ENV.N), a wealth advisory firm that went public in July. His 35-year career included founding asset manager Martindale Andres & Associates and serving as president of Merrill Lynch Mortgage Capital Corp. (Reporting by Joseph A. Giannone; Editing by Derek Caney)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below