London-based private wealth firm LJ Partnership has hired a team of former HighTower advisors, as it opens its first New York office.
LJ already has eight offices across Europe, Asia and the Americas. It manages $14 billion in assets for individuals, families, foundations and charities.
The new office is the firm's second location in the US after its existing office in Miami, Florida.
The New York office will be staffed by a former HighTower team consisting of Christopher Shin, Jeffrey Fulk and Katherine Drake.
Prior to joining HighTower in 2015, Shin was head of US portfolio management at Guggenheim Investments. He has joined LJ as a partner.
Fulk also worked at Guggenheim before HighTower, while Drake was part of private wealth groups at Raymond James and Merrill Lynch.
‘Opening in New York is an important step for the firm and will form the foundation for our growth in investment management in North America,’ said Alexander de Meyer, chief executive of LJ Partnership.
Mercer makes its largest deal
Mercer Advisors has made its largest RIA deal with the integration of Clearwater, Florida-based GFS Private Wealth, which manages around $364 million.
The deal boosts Mercer’s assets under management to over $12 billion. GFS is founded by Greg Willsey and Sandra Nesbit and specializes in investment and life planning solutions for high-net-worth families and individuals.
Although Mercer has an office in Tampa, Florida the GFS team will continue to operate out of Clearwater.
‘GFS's business model mirrors ours in that they offer family office services geared toward high-net-worth families seeking a one-stop solution to all their financial needs,’ David Barton, vice chairman of Mercer, said.
Mercer is headquartered in Santa Barbara, California and has over 200 employees across 26 branch offices with roughly 8,000 clients.
Athena goes back to birthplace
Massachusetts-based Athena Capital Advisors has opened a West Coast office in San Francisco, California revisiting its old stomping grounds.
The $5.5 billion RIA was first established in San Francisco in 1993, before relocating its headquarters to Lincoln, Massachusetts. It also has an office in New York City, New York.
The West Coast office will be led by William McCalpin, managing partner of impact investments, and serve the firm’s existing West Coast clients. It will also act as a hub for greater interaction with Bay Area asset managers used in client portfolios.
Lisette Cooper, Athena Capital’s founder and managing partner, said: ‘Our presence on the West Coast will also advance our impact investing practice as we further integrate into a community of solution-oriented entrepreneurs and investors.’
McCalpin was chief executive of impact-geared RIA, Imprint Capital Advisors, before joining Athena.