Sequoia Financial Group has entered a deal to acquire Carlson Capital Management (CCM), a Minnesota-based wealth manager, for an undisclosed sum.
The acquisition, expected to complete on 31 March, is claimed to be Sequoia Financial’s largest in terms of employee and advisor numbers.
Founded in 1987, CCM manages $3.8bn in client assets.
It offers integrated wealth management services, serving around 1,300 clients, mainly in the the Minneapolis-St. Paul area.
The firm’s 80 employees, including 30 wealth advisors, will join Sequoia Financial upon the transaction’s completion.
CCM co-founders Gregory Carlson and Jeffrey Carlson will take on the roles of senior strategic advisors, while CEO Justin Stets will become executive vice president of integrated wealth services, reporting to Sequoia Financial CEO Tom Haught.
This purchase will enhance Sequoia Financial’s capabilities, adding internal tax planning and preparation services, and increasing its office count to 34 across 19 states.
CCM CEO Justin Stets said: “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience.
“By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
Sequoia, with assets under management of over $22.6bn as of 31 December 2024, has been actively growing through acquisitions, including nine since 2023.
These include the purchase of the wealth management division of Eide Bailly last month, which added 22 employees and $1.6bn in assets.
Sequoia Financial, serving high net worth individuals and families since 1991, has recently expanded its family office services with Sequoia Sentinel.
These services cover asset management, tax management, wealth transfer, asset transactions, and charitable planning.
Sequoia Financial CEO Tom Haught said: “Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades.
“We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service.”
Faegre Drinker Biddle & Reath offered legal advice to CCM for the latest deal, with Benesch, Friedlander, Coplan & Aronoff providing legal counsel to Sequoia Financial. Turkey Hill Management was CCM’s financial advisor.
“Sequoia Financial to buy Minnesota wealth manager Carlson Capital” was originally created and published by Private Banker International, a GlobalData owned brand.
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