Deals & People April 15, 2024

Advisory M&A News – 4/15/24

Modern Wealth Management appoints Del Col to head advisory services; Waverly Advisors acquires McShane Partners; Chairez joins Ameriprise.

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Modern Wealth Management Appoints Del Col as Head of Advisory Services

Modern Wealth Management announced the appointment of Jason Del Col as head of advisory services. He will become part of the Modern Wealth executive team to lead the firm’s advisory services platform from a role as managing director at Goldman Sachs.

Modern Wealth’s service model is designed to provide clients with financial, tax, and retirement planning services, as well as access to other personalized wealth management solutions. Following Modern Wealth’s sixth acquisition and establishment of its retirement plan advisory business, Del Col is adding to the firm’s growth initiatives by building strategies aimed at broadening its range of services, advisory base and national footprint.

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In his new role at Modern Wealth, Del Col will also oversee Modern Wealth’s Growth Hub, which was developed to build an enterprise-wide strategy for lead management, distribution and client onboarding. Previously Del Col has been a part of the executive leadership and founding teams of two national advisory firms, serving as managing director at Goldman Sachs and head of advisory services at United Capital Financial Advisors.

“I’m looking forward to joining the dynamic team at Modern Wealth, which has seen significant success within just a year of launch, to help build and strengthen our rapidly expanding national presence,” Del Col said in a statement.

Waverly Advisors Acquires McShane Partners

Waverly Advisors LLC, a federally 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 the investment advisory business of McShane Partners, based in Charlotte, North Carolina.

The transaction marks Waverly’s third acquisition in 2024, together with those of StrategIQ Financial Group and EFP Advisors, which have added combined assets under management of approximately $2.5 billion so far in 2024.

McShane was founded in 1985 as one of the first fee-only RIAs in Charlotte. Daniele Donahoe, CEO of McShane, and her team offer a boutique approach to investment management, wealth advisory, and financial planning.

“The McShane team brings additional strategies to Waverly’s growing public and private market investment options,” Justin Russell, president of Waverly, said in a statement.

Chairez Joins Ameriprise

Financial adviser Joe Chairez recently joined the branch channel of Ameriprise Financial Inc. from J.P. Morgan Securities with $105 million in assets working out of Dallas, Texas.

“I was drawn to the capabilities Ameriprise offers that will help me deliver an even greater experience to my clients,” Chairez said in a statement. “Ameriprise has an impressive track record for client satisfaction and I’m excited to tap into the power of the firm’s technology and resources to take my service model to the next level.”

Chairez is supported locally by Ameriprise Complex Director Thomas Harris and Ameriprise Regional Vice President Mitchell Doren. Ameriprise has had 1,700 financial advisers joining the firm in the last 5 years.

Deals & People April 15, 2024

Citi Global Wealth CIO Stepping Down

David Bailin, who ran the investment office of Citi’s wealth division, is leaving May 15.

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The CIO of Citigroup Inc.’s global wealth division announced Monday his departure after 15 years at the firm.

David Bailin will be leaving the firm on May 15 to be replaced on an interim basis by Steven Weiting, chief investment strategist and chief economist for the division, according to a memo provided by the firm. In a post on LinkedIn, Bailin said he would be focusing his “energy and entrepreneurial spirit to address investment strategy issues facing family offices. And I intend to partner with others who share that interest.”

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As CIO of global wealth, Bailin oversaw investment teams for the banks’ private and consumer banks, responsible for asset allocation, manager research and portfolio management, and was a regular market commentator for the bank.

“As I look back on my years at Citi, I am filled with gratitude,” Bailin wrote. “I have had the distinct privilege of working with extraordinary clients who expected and received Citi’s best thinking due, in large measure, to the expertise of my wonderful colleagues.”

He thanked a number of colleagues in the note, as well as the global wealth group’s head, Andy Sieg.

Sieg was hired by Citi CEO Jane Fraser in March 2023 to take over the wealth division that has seen rocky returns in recent years; Sieg left Merrill’s wealth management team, where he was also part of the senior leadership team with parent Bank of America, to take the role. 

In a memo to employees, Sieg wrote that the firm will be conducting an internal and external search for the next CIO, with Wieting reporting up to him in the meantime.

Bailin joined the firm’s private bank in 2009 as global head of managed investments, during which he rebuilt the firm’s investment solutions capabilities; in 2017, he became global head of investments, and was named CIO in 2019. Prior to joining Citi, he was head of alternative investment asset management for Bank of America’s global wealth and investment management team. He has also co-founded a hedge fund of funds, Martello Investment Management, and was a senior executive at hedge funds John W. Henry and Company and Ellington Management Group.

Bailin also noted in his post that he would continue publishing independent market commentary and insights and encouraged people to reach out by direct message with their email to receive them. In Citi’s 2024 outlook, he struck an optimistic tone on the markets, forecasting “slow then grow” economic activity.

“This is a good time to be a global investor, maybe even a very good time,” he wrote, later in the piece noting that: “Our ‘Slow then grow’ thesis sees a deceleration in economic activity during the early part of 2024, but no synchronized recession, followed by an economic acceleration later in the year.”

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