Brooke Southall
Articles written by Brooke Southall
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Broker protocol door set to slam in face of remaining SVB Private advisors -- belatedly -- after Citizens Bank signs deal to purchase Silicon Valley Bank and its private wealth unit
The 11th hour withdrawal still opens a window for undecided SVB advisors to get out under the road-tested terms of the no-fault truce
April 17, 2023 at 11:24 PM
Riskalyze taps Stephen Brandes as final hire, stakes flag in Manhattan, ahead of imminent rebrand that's part of push toward a $1-billion valuation
The Auburn, Calif., software firm is ready to shift from a 'point solution' to a 'growth platform' -- and now has a Yale/Harvard guy who just went through a similar drill at a non-financial digital firm.
April 15, 2023 at 1:41 AM
Karl Heckenberg ends phenomenal five-year run of reining in Mark Hurley, forming Emigrant Partners -- and selling high on long-held RIA stakes -- as bank boss hired gun
Howard Milstein bet on the then-43-year-old to buy back Fiduciary Network for Emigrant Bank, replace a team and find success; now Emigrant Partners must replace its main man at 48
April 12, 2023 at 7:27 PM
Envestnet lets the 'Wolfe' in the door after she huffed and puffed in the media -- now she promises to deliver 'ownership mentality' on the outsourcer's board
Lauren Taylor Wolfe simply would not take 'no' for answer, an activist shareholder tactic that is bearing her fruit; Envestnet's shares stayed flat while she made clear she has more cards to play.
March 29, 2023 at 1:33 AM
With Vanguard and Venrock as backers, Altruist is taking careful aim at RIA custody power, with SSG a big building block and an even bigger sign
The Los Angeles custody startup is playing small ball and bully ball with an approach aimed as much at TAMPs and fintechs as RIA custodians.
March 16, 2023 at 4:29 AM
Silicon Valley Bank's demise means $15.8 billion Boston Private is firesale kindling, and maybe at a sweet price
The Santa Clara, Calif., bank bought the RIA cluster for $1B when it had cash to burn two years ago; now it's burning down and needs cash
March 11, 2023 at 2:05 AM
Orion poaches AssetMark rainmaker to pull its pieces together -- not long after putting ex-AssetMark CEO Charles Goldman on its board
The Omaha, Neb. software and investments firm is replacing legacy Brinker executive with Tom McCarthy -- only a 'half-coincidence' with Goldman's presence -- and endorsement.
March 3, 2023 at 9:40 PM
CD&R mollifies Focus Financial 'FOMO' with non-monetary sweetener to ease the shareholder pain of dumping the company in a sour market
The New York City buyout firm is offering a 'knock-yourself-out' provision to let Focus make a last-ditch effort to find a white knight to 'cover its bases from a liability standpoint.'
February 28, 2023 at 2:54 AM
Thomas H. Lee made his mark on the RIA business before his death at 78, in part, because he took Ric Edelman to meet Larry Fink to good effect
The founder of his eponymous Thomas H. Lee Partners private equity firm got rich on Snapple and Dunkin' Donuts stakes but made a strong cameo with the radio host's firm then invested in Atria in 2017
February 25, 2023 at 3:33 AM
Bill Crager rebuts what activist hedge fund investor alleged by promising Envestnet is 'turning corner' on profit margins
The embattled CEO says he 'talked to lots of investors' last quarter during the verbal assault and also laid out his case to Wall Street analysts -- Envestnet's profit margins and market share are expanding.
February 24, 2023 at 1:30 AM
Rudy Adolf dodges questions on Focus Financial earnings call, possibly because one inconvenient question overhangs a PE firm's $53 share price offer
The New York City rollup CEO said take-private negotiations precluded answering analyst questions; one big question is why the company accepted a $53-a-share offer only 4.5 years past its IPO
February 22, 2023 at 2:42 AM
Alan Moore is the No. 2 busiest man in the RIA business and he just convinced the No. 1 busiest man to budget $200,000 to hire a 'rockstar' to replace him
Alan Moore is CEO of both XY Planning Network and AdvicePay -- and he has three young kids; Michael Kitces agreed to let him hire a full-time replacement CEO for AdvicePay -- with some giant reqirements for the new exec.
February 14, 2023 at 3:15 AM
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
RIA M&A superstar Liz Nesvold takes control of her own destiny by invoking a contract clause at Raymond James -- and signaling that there is a hard way and easy way the next 90 days can go
The 'Michael Jordan of RIA M&A' may have been passed over on the St. Petersburg, Fla., investment bank's corporate ladder, despite her legendary rainmaking
February 4, 2023 at 2:53 AM
Focus Financial is pushing shareholders to take a take-it-or-leave-it private equity offer worth about $6 billion -- including $2 billion debt assumption -- despite a break-up value near $10 billion
Clayton, Dubilier & Rice's $53-a-share, or $4.1 billion, offer is predatory but likely to be accepted, in the sense that analysts imagine the rollup could be sold off in parts; Buckingham, alone, may fetch $2 billion.
