WealthTrust to Acquire Wealth Management Firms

WealthTrust LLC announced it has signed definitive agreements to acquire Fairport Asset Management, a Cleveland, Ohio-based wealth management firm, and Axiom Asset Management, a Radnor, Pennsylvania-based wealth management firm.

According to the announcement, Fairport sought capital to help it promote and retain the next generation of partners; gain efficiency in areas such as back office systems, compliance and marketing; and support the possible future acquisition of other regional wealth management firms. All of Fairport’s 33 employees, including 11 partners, will remain in place.

Axiom provides financial advisory and custom portfolio management services to high net worth individuals, families, and related institutions, the release said. The firm currently has over $600 million in client assets, and its investment philosophy is based on managing client portfolios to maximize long-term results rather than prioritizing short-term earnings.

After completion of the acquisitions, WealthTrust will hold ownership interests in eleven affiliated investment management firms across the United States, totaling approximately 160 people, with approximately $8.6 billion in client assets. The firm provides affiliates with support in the areas of client service, sales and marketing, compliance, operations, technology, and corporate development.

More information is at www.wealthtrust.com.