Data & Research April 1, 2024

Vanguard Surpasses BlackRock for Top Spot in Asset Management Brand Ranking

The Broadridge Fund Brand 50 report shows the influence of brand on third-party fund selection.

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The Vanguard Group has edged BlackRock Inc. for the top spot in an annual fund investor survey gauging sentiment toward the largest asset managers.

The latest edition of Broadridge’s Fund Brand 50, released March 27, spotlighted top-performing third-party asset management brands globally. In the U.S., stability and client service took center stage as key factors among investors, according to Broadridge Financial Solutions.

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The rankings, along with year-over-year change:

Top 10 U.S. Asset Management Brands

Rank

Fund Group

Change

1

The Vanguard Group

↑ 1

2

BlackRock Inc.

↓ 1

3

Capital Group

0

4

JPMorgan Chase & Co.

↑ 1

5

Fidelity Investments

↓ 1

6

PIMCO Investments

0

7

The Goldman Sachs Group

↑ 3

8

Franklin Templeton

0

9

Dimensional Fund Advisors

0

10

First Trust Portfolios LP

↑ 4

 

In other moves, JPMorgan Chase & Co.’s asset division rose one spot to fourth place, and First Trust Portfolios LP  took the 10th position from T. Rowe Price.

The importance of clear and detailed materials for investor clients in a crowded marketplace are crucial to a firm’s results, Broadridge stated in its report. The financial services firm also noted that investors favored asset managers capable of articulating clear and effective strategies for risk-return balance. Moreover, expertise was highly valued, with advisers seeking knowledgeable fund specialists who could provide detailed analysis quickly.

“In 2024, fund selectors and gatekeepers were resolute that top-choice managers concentrate on services that add value to their investors, such as keeping them best informed and sharing their knowledge of the markets,” said Jeff Tjornehoj, Broadridge’s senior director of fund insights, in a statement. “Those same selectors also emphasized asset management partners who help them meet the shifting needs of heterogeneous investors through development of appealing investment strategies.”

Additional findings included the dominance of U.S. fund flows and managers that focused on driving industry innovation in new products like model portfolios and actively managed exchange-traded funds.

The Broadridge Fund Brand 50 report is based on interviews in Europe, Asia Pacific and the U.S. with more than 1,200 fund selectors and gatekeepers, according to the firm.

Uncategorized April 1, 2024

Advisory M&A News – 4/1/24

NFP acquires Get Medical Plans; UBS Financial Advisors announces formation of Stone Harbor Group; Wealth Enhancement Group adds Piermont Wealth Management; and more.

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NFP Acquires Get Medical Plans, a Health Insurance Solutions Specialist

NFP Corp. announced its acquisition of Get Medical Plans Lt., an independent private medical insurance intermediary. Get Medical Plans Founders Marc Benjamin and Sanjeev Mallipeddi will continue to lead and manage the London-based business.

“Adding the expertise of the Get Medical Plans team and their solutions will help NFP better support our clients and grow our presence in the rapidly expanding independent medical insurance market,” said Iain Chadwick, NFP’s managing director of employee benefits in Europe, said in a statement.

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With more than 40 years of combined experience in private health care, Benjamin and Mallipeddi can now, via NFP, introduce their services to more clients navigating health insurance.

“We are delighted to join NFP, especially as the company continues to expand in the U.K.,” Benjamin and Mallipeddi said in a joint statement. “This partnership will enable Get Medical Plans to continue to deliver a first-class service to our clients by accessing the resources and range of services within a global organisation, while also giving us the ability to reach new customers.”

UBS Financial Advisors Announces Formation of Stone Harbor Group

UBS Wealth Management USA announced the formation of Stone Harbor Group, a new team of financial advisers in its Hartford, Connecticut, office. The team oversees $1.3 billion in client assets and has more than 150 years of collective investment experience, according to the announcement.

The nine-person team includes financial advisers Richard Cyphers, Gerald Dubey, Douglas Domian, Scott Mintz, David Sacharko and Sean Siana, as well as client service associates Christian Foxen, Jake Heyde and Aranzazu Suarez.

Cyphers helps families consider their objectives, liability requirements, risk tolerance and wealth transfer expectations. Prior to joining UBS in 2009, Rick was a senior adviser for Citi Family Office, where he provided wealth management services to private clients.

“Our client base continues to evolve, as do their needs, and this newly integrated team is well-positioned to meet those needs and provide an enhanced client experience,” said William Cholawa, a UBS market executive for Greater New England, in a statement.

Wealth Enhancement Group Announces the Addition of Piermont Wealth Management Inc

Wealth Enhancement Group LLC announced the acquisition of Piermont Wealth Management Inc., an independent registered investment adviser located in Boca Raton, Florida, and Melville, New York. Piermont manages more than $226 million in client assets and is led by CEO Philip Capell.

Founded in 2000, Piermont primarily provides wealth management services such as investment management, estate planning, gift and income tax planning, retirement planning and financial planning to pre-retirees within 10 years of retirement and retirees.

“We are very excited to join Wealth Enhancement Group,” said Capell in a statement. “We plan to use Wealth Enhancement Group’s strong investment research and management team, a wide array of financial planning services and experienced back-office support staff to help us satisfy our clients’ needs and objectives now and into the future.”

The Piermont addition marks Wealth Enhancement Group’s 12th location in Florida.

Clearstead Advisors Announces Acquisition of Wilbanks Smith and Thomas

Clearstead Advisors LLC, a registered financial adviser, has acquired the assets of Wilbanks Smith & Thomas Asset Management LLC, a Norfolk, Virginia-based wealth and investment management firm with more than $5 billion of assets under management.

WST was founded in 1990 by CEO Wayne Wilbanks, who will continue to lead the division in Norfolk and the Mid-Atlantic states. Its 45 employees provide financial advisory services to families and individuals, institutions and financial service firms nationwide.

“We are philosophically similar to Clearstead in our client approach and a strong complement geographically, given our presence in the Mid-Atlantic and Southern states,” said Wilbanks in a statement. “Most importantly, our clients will benefit from Clearstead’s family office planning capabilities, alternative investments platform, in-house research, and wealth management capabilities.”

After the merger, Clearstead Advisors and its subsidiaries will have approximately $44 billion in total assets under advisement, including $20 billion in total assets under management. The advisory business of WST will be rebranded as Clearstead Advisory Solutions, a division of Clearstead Advisors LLC, and continue serving clients from offices in Norfolk and Roanoke, Virginia, and Raleigh, North Carolina.

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