Beacon Pointe Advisors, a registered investment advisor based in Newport Beach, Calif., acquired Edge Wealth Management, a New York City-based investment advisory firm, bringing its total assets under management to roughly $72 billion.
Edge Wealth Management, which manages about $905 million in client assets, maintains a strong focus on fixed-income and equity investing, including income generation, long-term growth and tax efficiency. Founded in 2006, the firm serves high-net-worth investors, institutions, family offices and young professionals. The Edge Wealth team, led by Partner and Managing Director Mathew Weinberg, comes with an institutional and capital markets background.
Edge Wealth clients will be able to continue working with their current team on investment management and financial planning, while also benefiting from Beacon Pointe’s broad national resources, including the firm’s allWEALTH platform. The platform provides a comprehensive approach to holistic wealth planning and helps clients consider their investment decisions within the broader context of their retirement, estate planning and other long-term goals.
“Matthew brings a perspective shaped by years in institutional markets and a clear sense of what clients expect from their investment advisor,” said Beacon Pointe CEO Matt Cooper in a statement. “That experience adds depth to our Manhattan presence. We are excited to welcome a team with a defined investment philosophy and support its next chapter with the breadth of our wealth planning capabilities.”
Beacon Pointe has been on a rapid acquisition spree recently. The Edge Wealth transaction follows Beacon Pointe’s addition last month of WorthePointe Financial Planners, Silver Lake Capital Partners and R Meier Wealth Management, which together oversaw $1.2 billion in client assets. In addition, last week, Beacon Pointe announced the acquisition of ACT Wealth Management, a firm with $637 million in AUM that focuses on serving aviation workers with their retirement planning.
The Edge Wealth acquisition formally closed on Oct. 31. Houlihan Lokey served as the exclusive financial advisor to Edge Wealth Management in the transaction, while Seward & Kissel LLP served as a legal advisor.
