The Chicago-based business development officer claimed $19,000 in vendor expenses for an RIA client that wasn’t eligible for reimbursement, Finra said.
The sale to Leonard Green & Partners will allow the Mariner founder’s family holding company to take some money off the table, but Bicknell will remain majority owner of the firm.
Eight-person group includes four advisors who had been managing $1.2 billion in client assets, according to an announcement on Tuesday.
Didi Nicolas, a 27-year veteran hired from Morgan Stanley in 2018, was promoted to oversee Merrill Lynch’s Nevada market that includes around 150 brokers.
Focus also said on Thursday it will add Prairie Capital Management, a registered investment advisor with $5 billion in assets under advisement, and merge another $1.3 billion-asset RIA in Rhode Island into existing partner firm SCS Capital Management.
“We see many attractive opportunities to deploy capital,” says CEO Rudy Adolf, citing $1 billion to fuel deals in 2021.
Despite rising debt, CI Financial chief Kurt MacAlpine says the Toronto-based asset manager will continue to buy RIAs in the United States.
Chicago-based registered investment advisory firm Cresset Asset Management opens Texas outpost with hire of Goldman Private Wealth vice president.
Two brokers who had been with Cetera Financial Group-owned broker-dealer First Allied Securities decided to strike out on their own in Honolulu.
Christopher Knapp, former head of Houston RIA Collaboration Capital, has joined Robertson Stephens Wealth Management as managing director and principal.
The acquisition of Bainco International Investors brings Cerity Partners’ total assets to over $28 billion.