Lido Advisors is increasing its presence in Los Angeles by buying Avitas Wealth Administration, a $1.1 billion agency that focuses on working with multigenerational households.
In a press release in regards to the deal, Lido President Ken Stern underscored the 2 agency’s “widespread roots” in Los Angeles, whereas CEO Jason Ozur referred to as Avitas a “seamless match” for the $24 billion Lido Advisors.
“The cultural alignment and the chance to additional strengthen our dwelling base in Los Angeles made this partnership an apparent selection to assist us develop our clientele whereas offering them with distinctive funding and wealth administration,” Ozur mentioned.
Avitas was based over 20 years in the past and contains lead companions Eric Taslitz, Catherine Gerst and Greg Satz.
Lido Advisors was based in 1999. It at present has about 130 advisors and greater than 30 workplaces nationwide. The agency presents monetary planning, funding administration and third-party tax, belief and property providers to greater than 4,700 purchasers.
Earlier this 12 months, Lido turned the third RIA to promote a minority stake to Constellation Wealth Capital, a non-public fairness firm based by former Emigrant Companions CEO Karl Heckenberg. The brand new stakeholder joined Lido’s majority proprietor Charlesbank Capital Companions, to spice up the agency’s M&A functionality, amongst different initiatives (since Charlesbank took its stake, the agency’s AUM has grown from about $6 billion to $24 billion).
In October, Lido made its largest deal since Constellation’s funding by buying the Wisconsin-based Pegasus Companions, with greater than $3 billion in managed property. The agency’s 22 workers joined Lido within the deal, with most changing into companions (for its first post-Constellation deal, Lido acquired a $615 million Ohio-based agency in June).
In late October, Lido acquired Platte River Wealth Advisors, a Louisville, Colo.-based RIA, with over $600 million in managed property. The Avitas acquisition makes 4 complete offers for the 12 months so far.