A crew of UBS-affiliated advisors managing about $2 billion in consumer belongings has moved to Sanctuary Wealth’s accomplice agency community.
The hybrid RIA crew, referred to as 1280 Monetary Companions, will turn into a part of Sanctuary’s capital partnership programwith Sanctuary taking a minority stake within the RIA with places of work in Florida, Ohio and South Carolina.
The crew made the transfer after “a number of years” of due diligence, in keeping with an announcement the companies made Friday.
Along with wealth administration providers, 1280 will carry to Sanctuary its institutional consulting division, which supplies asset administration for insurance coverage, company, authorities, nonprofit and endowment purchasers. The agency additionally affords a captive insurance coverage enterprise that will likely be made accessible for different accomplice companies, a product Sanctuary referred to as “hardly ever accessible within the unbiased house.”
The crew becoming a member of Sanctuary contains managing companions and senior portfolio managers Tom Burt, Duane Ohly, Charlie Todd and John McGee, together with 4 senior vice presidents and 4 assist employees.
“In distinction to the wirehouse atmosphere we left, we’re not staff making an attempt to struggle for our purchasers whereas competing in opposition to shareholder pursuits,” Managing Accomplice Burt mentioned in a press release. “Sanctuary has confirmed to be simply as relentless of their dedication to serve us as we’re in serving our purchasers and it’s nice to have a accomplice who’s as targeted on rising our enterprise worth as we’re.”
The agency was named by its preliminary two places of work in Fort Myers, Fla., and Sandusky, Ohio, that are 1,280 miles aside.
The Sanctuary community has greater than 120 accomplice companies in 30 states with about $50 billion in belongings on its platform.
Sanctuary has backing from Azimut, an Italy-based asset supervisor, and Kennedy Lewis Funding Administration, in keeping with filings.