FUNDRAISING NEWS | April 19, 2024
New York-based Hybrid RIA, Steward Partners, acquires its first two RIA acquisitions made through its new mergers & acquisitions division. This model was established in December of 2023 and has since spurred significant growth.
The firm has agreed to acquire Monaco Capital in Virginia Beach, VA, with $175 million in assets, and Saling Simms in Columbus, OH, managing $314 million. Monaco Capital will integrate into one of Steward's existing Virginia Beach offices, while Saling Simms will establish Steward's first presence in Columbus. Both acquired firms were previously utilizing Raymond James’s custody platform.
The advisors from both Monaco Capital and Saling Simms, including President Jim Saling and Vice President Brent Simms of Saling Simms, will join Steward as employees and equity partners. This move is part of the integration into Steward’s Freedom Street entity.
With these acquisitions, Steward Partners now manages approximately $32 billion in assets and collaborates with over 200 independent advisors nationwide.
John Washington is the Data Research Analyst at Dakota.
