Sequoia Financial Group acquires $310M AUM Texas RIA
Sequoia Financial Group has expanded its $18 billion AUM business with the acquisition of an RIA firm in Houston.
The deal brings the firm’s locations to 14 across eight states as it continues its organic growth, which included four acquisitions in 2023: Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
The latest acquisition is $310 million AUM firm AltruVista, an SEC-registered RIA with a focus on providing holistic financial planning and asset management services to high-net-worth clients. The firm was founded in 2009 by Ali Nasser, who serves as its CEO. Nasser becomes a shareholder of Sequoia as part of the deal.
“I have known and admired Sequoia for over a decade. Sequoia’s ‘Built for You’ client philosophy matches our vision and values, and our new partnership will bring significant benefits to our clients and team,” Nasser said. “Our intellectual property for entrepreneurs, combined with Sequoia’s infrastructure and investment platform, creates a premier offering for business owners across the U.S.”
Tom Haught, founder and CEO of Sequoia, added that “the foundation for this partnership is based on a long-standing relationship with Ali, mutual respect, and a shared vision for providing unparalleled client support to fuel the success of business owners.”
The RIA mergers and acquisition market has bounced back in 2024 after a slowdown in the previous year.
A report earlier this month by DeVoe & Co., a consulting and investment banking firm for RIAs, showed that 49 transactions were announced in the first two months of this year versus 41 transactions during the same period last year, a 20% increase. Last year’s overall decrease in deals was the first downtick in annual
Read more on investmentnews.com
