West L.A. brokerage and investment bank B. Riley Financial Inc. announced Monday that it has acquired MK Capital Advisors, a New York financial advisory firm that caters to ultra-high net worth clients. It’s B. Riley’s first foray into the wealth-management business. Terms of the deal were not disclosed.
“Together, we believe there’s tremendous opportunity to further grow our wealth management business, and we are committed to expanding our position in the marketplace,” B. Riley Chairman Bryant Riley said in a press release announcing the deal.
As part of the deal, MK will become a wholly-owned subsidiary of B. Riley. MK founder Michael Kramer will serve as chief executive of B. Riley’s wealth management division.
This is the latest transaction in a busy 12 months for B. Riley. Last May, the company went public through a reverse merger with Woodland Hills liquidation firm Great American Group Inc. Then, in November, Great American became B. Riley Financial Inc. and changed its ticker symbol from GAMR to RILY.