Private equity bidding war targets $160bn RIA in $7bn deal
A platform built through acquisition
Wealth Enhancement Group’s exponential growth trajectory reflects the broader consolidation dynamic reshaping the independent advice industry.
TA Associates acquired the firm in 2019 when it managed approximately $11.8 billion in client assets, and by August 2021, when Onex made an equity investment to become an equal capital partner alongside TA Associates, the firm had grown to nearly $40.2 billion in client assets (nearly tripling in two years) through a dealmaking strategy that has since continued at pace.
Recent deals include two North Carolina practices managing nearly $1 billion and a double acquisition in New York of the Shufro-Glass Group of Shufro Rose, a two-advisor New York City team overseeing more than $760 million in client assets which was swiftly followed by the Kaminsky-Silverman Group from Shufro Rose managing more than $554 million in client assets.
Wealth Enhancement has acquired at least six additional RIAs since last year alone, pushing its client asset base to the current $160 billion figure. That kind of inorganic scaling has become a defining characteristic of the largest PE-backed wealth platforms, which compete aggressively with banks and wirehouse brokerages to attract high-net-worth individuals and business owners.
PE attraction to RIAs
The recurring, fee-based revenue model that underpins RIAs has long been the primary draw for private equity thanks to their predictable income streams tied to client assets, a structure that lends itself to the leveraged-buyout playbook. Consolidation among private equity-backed wealth managers
