Wealth Enhancement Group says it has acquired a New York and Tennessee-based registered investment advisor firm.
The latest addition is Kings Point Capital Management, a firm founded in 2005 by former Goldman Sachs executives Jack Salzman, Kings Point’s senior managing partner and Jeffrey Bates, the company’s managing partner, according to Wealth Enhancement Group.
Kings Point has five advisors and 11 support staff overseeing $1.7 billion from offices in Great Neck, New York and Brentwood, Tennessee, Wealth Enhancement Group says.
The companies didn’t disclose the financial terms of the deal.
As part of the transaction, Salzman will serve as director of fundamental research, overseeing the research of Wealth Enhancement Group's investment team, according to the firm.
Founded in 1997, Wealth Enhancement Group managed $53.3 billion as of the end of March and expects the addition of Kings Point to brings its client brokerage, advisory and trust assets to $55 billion, the company says.
Kings Point marks Wealth Enhancement Group’s fifth closed acquisition in 2022, the company says.
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