$2.7B Angeles Wealth Makes First Acquisition to Seed Family Office Division

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Angeles Wealth Management, a Santa Monica, Calif.-based registered concern advisor with $2.7 cardinal successful assets nether management, has made its archetypal acquisition, adding a steadfast that volition effect and pb a caller household bureau part for the firm.

Through the acquisition of XO Capital, Angeles Wealth is launching Angeles Family Office, offering services tailored to affluent families. XO Capital laminitis Adam Stern volition beryllium CEO of the household bureau division, and laminitis Jason Oclaray volition beryllium its president, according to an announcement made connected Tuesday.

Jonathan Foster, president and CEO of Angeles Wealth, said helium has a semipermanent narration with the 2 founders and that the teams person been successful discussions for a sizeable clip astir a imaginable merger that would harvester XO’s household bureau expertise with Angeles Wealth’s backstage and organization wealthiness businesses.

“We’re a concern that has historically been focused purely connected integrated maturation but ever been connected the hunt for high-quality radical to adhd to the venture,” Foster said. “If you look connected the backstage lawsuit side, we woody with precise affluent families that are progressively going to analyzable issues that are beyond managing the money.”

Stern and Oclaray founded XO Capital successful 2021. The duo had 50/50 ownership of the steadfast and lawsuit assets of astir $186 million, according to their astir caller Form ADV. Angeles Wealth did not stock details of the transaction.

Angeles Family Wealth volition connection families with assets ranging successful the hundreds of millions with concern management, taxation and ineligible advice, customized fiscal reporting, cash-flow management, measure wage and different services.

Foster said it’s those different “special projects” for affluent families that tin beryllium the astir challenging, arsenic good arsenic the astir exciting, for advisors moving successful the field. He gave examples of families that mightiness request guidance connected however to allocate their wealthiness to hundreds of antithetic projects annually, oregon those starting a caller concern successful a antithetic state. 

“There’s a spread successful the market,” Foster said. “How bash you service these generationally affluent families, immoderate of whom person gotten affluent conscionable recently. ... This is not the Walton family. They request things that are the close size for them.”

There is simply a propulsion by different RIAs to either unfastened dedicated household bureau divisions oregon get household bureau expertise arsenic they question to conscionable the needs of multi-generational wealthiness successful the United States. In March, Prime Capital Financial, a $35 cardinal wealthiness and status plus manager, launched a dedicated household bureau part by acquiring an Austin, Texas-based firm. Last year, CI Financial’s Corient acquired a $10.4 cardinal multi-family bureau to articulation the firm.