Century City-based Lido Advisors purchased a Maryland wealth advisory business as it pushes to build out its national footprint.
Lido’s latest acquisition is Coliseum Wealth Management, a Rockville, Md-based financial advisory firm that becomes Lido’s third acquisition this year — and its first leap to the opposite coast, said Brad Hixson, Lido’s executive vice president.
“We consider this a major geographic expansion,” Hixson said.
Founded in 1999, Lido made its first acquisition in January, adding San Diego-based wealth management firm Ken Stern & Associates.
Last month, Lido agreed to buy the Los Angeles-based fixed income portfolio management team from First Western Financial Inc., a Denver-based financial services holding company. The transaction is slated to close by the end of September.
With the Coliseum, First Western and Ken Stern & Associates acquisitions, Lido will have more than $5 billion in assets under management.
“I think you’ll continue to see us do more acquisitions locally and throughout the United States,” Hixson said.
Lido is considering expansion opportunities in Colorado, Kentucky and the Midwest generally. “Hopefully, we’ll have another one or two finalized by the end of the year,” Hixson said.
Locally, the wealth advisory world has seen some consolidation and a stepping up of competition from larger banks.
In July, Torrance-based EP Wealth Advisors purchased Pathlight Investors, expanding its footprint into Phoenix and the greater Arizona market. The acquisition increased EP Wealth’s assets under management by more than $230 million while adding more than 190 clients.
EP Wealth Advisors is a registered investment adviser that specializes in financial planning and investment management services. As of May 31, EP Wealth reported $4.9 billion in assets under management. Pathlight was EP Wealth’s sixth acquisition since taking a minority investment from WPCG, a financial services holding company, in July 2017.
In October, Atlanta-based SunTrust Banks Inc. expanded its private wealth management practice in California and named Amir Mossanen to the newly created role of market president, based in Century City.
In another move last fall, Deutsche Bank Wealth Management announced two senior hires on the West Coast. Richard Aguiar joined Deutsche as a managing director and private banker based in Los Angeles, while Wendy McMillan joined as a managing director and private banker based in San Francisco.
Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329. Follow him on Twitter @patmaio.
