On January 13, 2021, Beacon Pointe Advisors announced its acquisition of CDA Group, LLC and Essex Wealth Management.
Under the terms of the transaction, Beacon Pointe Advisors (“Beacon Pointe”) acquired CDA Group, LLC (“CDA”) and Essex Wealth Management (“Essex”). The deal was financed with a mix of stock and cash. Kerstin Murphy and Michael Himmel of Essex will join Beacon Pointe. Seven CDA team members, including three partners, Joe Schofield, Kent Giguere, and Steven Bright, will also join Beacon Pointe. The transaction closed on December 31, 2020. Further terms of the deal were not disclosed.
Beacon Pointe, based in Newport Beach, California, is a registered investment adviser that helps clients determine investment goals, establish asset allocation guidelines, evaluate fund performance, screen investment managers for selection, and develop strategic financial plans. As of December 2020, Beacon Pointe had approximately $11 billion in assets under management.
CDA, based in Greenville, South Carolina, is a wealth management firm with approximately $510 million in assets under management.
Essex, based in Vero Beach, Florida, is a wealth management firm with approximately $110 million in assets under management.
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