EP Wealth has acquired CornerCap Funding Counsel, an Atlanta-based agency with $1.1 billion in managed belongings. It’s EP Wealth’s fourth deal this yr and the second totaling greater than $1 billion in AUM.
In describing the deal, Ryan Parker, the CEO of the $26.2 billion EP Wealth, mentioned CornerCap can be a “welcome boost” to the agency with a dedication to consumer service.
“Their values align with ours, and the partnership establishes an necessary Southeast hub as we proceed on our path to turning into a single, nationwide RIA with in depth choices and sources that enable our advisors throughout the nation to ship a neighborhood, boutique expertise for purchasers who depend on EP,” Parker mentioned.
Tom Quinn based CornerCap in 1989, and it has labored within the Southeast area ever since. CEO Cannon Carr will develop into a regional director at EP Wealth, together with Quinn and CornerCap Senior Vice President Richard Bean. Quinn will even stay on board as a senior wealth advisor.
Moreover, Jeff Moeller will be part of EP Wealth as director of quantitative analysis, together with Catharine Sanders, a director of phase advertising. Within the aftermath of the acquisition, 12 extra workforce members will be part of EP.
EP Wealth is headquartered in Torrance, Calif., and has greater than 36 workplaces all through 13 states. It gives monetary, tax and property planning and funding administration for people and companies.
In 2017, it offered a minority stake to Wealth Companions Capital Group (WPCG), an offshoot of the wealth administration division of Affiliated Managers Group, which focuses on investments in rising RIAs (EP Wealth was one among WPCG’s three companion companies at launch, additionally together with Forbes Household Belief and MAI Capital Administration).
Since 2017, EP Wealth has closed 33 offers, together with 4 this yr. The biggest of the yr was Wacker Wealth Companions, a San Luis Obispo, Calif.-based agency with about $1.2 billion in managed belongings, serving 700 households and 27 institutional purchasers.
In whole, 22 workforce members joined EP, Together with CEO Ryan Caldwell, who grew to become Central California’s regional director, and COO Bryan Krill, who grew to become an affiliate regional director. Based on EP Wealth co-founder Brian Parker (there isn’t any household relation with CEO Ryan Parker), the agency wished a presence on the Golden State’s central coast and felt fortunate to search out Wacker, as there have been few companies in that area.
In July, EP Wealth acquired Sloan Funding Administration, a $700 million Dallas-based agency (founder Frank Sloan grew to become an EP Wealth companion and regional director, together with Casey Conway and James Henry as senior vice presidents and Shannen Smith as vp. The help employees all remained in place). Based on the agency, the deal rocketed EP’s Dallas-based AUM above $1 billion.
Final November, the agency employed Acrisure alumnus Kyle Miller as its first managing director and head of M&A. EP Wealth additionally employed Megan Glover as its first chief individuals officer. She got here from the Los Angeles-based financial institution SMBC MANUBANK, the place she labored as a managing director and chief human sources officer.