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 an announcement concerning the deal, Lido President Ken Stern underscored the 2 agency’s “frequent roots” in Los Angeles, whereas CEO Jason Ozur known as Avitas a “seamless match” for the $24 billion Lido Advisors.
“The cultural alignment and the chance to additional strengthen our house base in Los Angeles made this partnership an apparent alternative 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 consists of 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 places of work nationwide. The agency provides monetary planning, funding administration and third-party tax, belief and property companies to greater than 4,700 shoppers.
Earlier this yr, Lido became the third RIA to sell a minority stake to Constellation Wealth Capital, a personal 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 investment 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 firm 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 yr so far.
