Advisory M&A News – 11/5/2025

Alerus Financial Expands Relationship With Osaic’s Institutional Channel 

Alerus Financial Corp., a commercial wealth bank and national retirement services provider with $246 million in assets under management, expanded its relationship with Osaic Institutions Inc., the institutional channel of Osaic Holdings Inc.

The Alerus team chose Osaic for its banker-focused model, compliance resources, technology and relationship management service, according to the announcement. In 2024, Alerus acquired Home Federal Savings Bank.

Osaic supports approximately 11,000 financial professionals.

Bluespring Wealth Partners Acquires Signature Wealth

Bluespring Wealth Partners LLC acquired Signature Wealth, a Pittsburgh-based firm with approximately $1.41 billion in client assets and offering services through Kestra Financial.

Signature Wealth chose Bluespring as its strategic partner for its operational capabilities, emerging technologies and national network of “like-minded firms,” according to Bluespring’s announcement.

Bluespring will assume key back-office functions for Signature Wealth, including payroll, human resources and benefits administration.

Signature Wealth offers comprehensive financial guidance, including personalized investment strategies, estate planning, tax optimization, socially responsible investing, philanthropic planning and business consulting.

Mai Capital Management Acquires Evoke Advisors

Mai Capital Management LLC, a registered investment adviser, acquired Los Angeles-based RIA Evoke Advisors. The acquisition brings Mai to more than $65 billion in assets under management across 34 offices nationwide.

Evoke’s David Hou, Jane Eagle and Jay Sanders will join Mai’s office of managing partners. Hou heads Evoke Ultra-High Net Worth, Eagle heads Evoke Operations, and Sanders heads Family Office & Tax Services.

Evoke, which had approximately $28.4 billion in assets under management as of September 30, joined Mai effective October 31. The terms of the deal were not disclosed.

AssetMark Acquires Efficient Advisors

AssetMark Financial Holdings Inc. acquired Efficient Advisors LLC, an asset management platform with $3 billion in client assets. Efficient Advisors gained access to AssetMark’s wealth management platform, adviser technology, tailored business consulting and a curated lineup of investment strategists.

Efficient Advisors was previously owned by Fiduciary Services Group, the parent company of PCS Retirement, a service provider within AssetMark Retirement Services.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals.

Founded in 1996, AssetMark has more than 1,100 employees and serves more than 10,500 financial advisers and 318,000 investor households. As of September 30, 2025, the firm had more than $158 billion in platform assets.

Waverly Advisors Acquires Pacific Portfolio, Bridge Creek Capital Management

Waverly Advisors LLC, a registered investment adviser specializing in investment management, financial planning and wealth management solutions for high-net-worth individuals, corporate retirement plans and institutional clients, has acquired Pacific Portfolio and Bridge Creek Capital Management LLC.

Pacific Portfolio consists of Pacific Portfolio Consulting LLC, a Seattle-based wealth management firm, and Pacific Portfolio Trust Co., a Washington state-chartered trust company. The acquisition added approximately $5 billion in assets under management to Waverly.

The entire Pacific Portfolio team, including Founder and CEO Larry Hood, has joined Waverly, expanding the firm’s enhanced trust services and corporate retirement plan solutions. The transaction of Pacific Portfolio closed on September 26, and the transaction of Pacific Portfolio Trust closed on October 31.

Bridge Creek Capital Management, a wealth management firm located on Cape Cod, Massachusetts, works on highly personalized investment management and financial planning services. The entire Bridge Creek team, including Founder Barry Paster and Partner Scott Myers, joined Waverly, and the acquisition increased Waverly’s assets under management by approximately $447 million. The transaction closed on October 31.

Financial and legal terms of both deals were not disclosed. As of October 31, including the two acquisitions, Waverly’s assets under management were approximately $26 billion.