Rhode Island team that was managing about $340 million joins independent broker’s “private client group,” an RIA aiming to provide more support and lower payout than in a traditional Kestra arrangement.
Fueled by its private equity recapitalization, the Chicago-based aggregator of RIA firms inks its biggest single-office deal since its founding.
Three brokers who collectively spent half a century at UBS and last year produced $9 million, have leveraged financing from a private equity firm and from Fidelity Investments to start their new firm.
James Pupillo, who joined the “rollup” in 2012 from Morgan Stanley’s “institutional” Graystone unit, sets up independent RIA on even of HighTower’s transition to new owner.
Examinations covered 15% of registered investment advisers last year, but 35% have never been examined, according to SEC’s fiscal 2019 budget proposal.
Finra panel denies discount firm’s bid to enjoin broker who jumped to one of its former RIA customers from contacting his former clients.