US in the News: State Street Global Advisors Appoints CEO

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State Street

Yie-Hsin Hung has been named chairman and chief executive of asset management firm State Street Global Advisors.
In December 2022, she will join New York Life Investment Management (NYLIM), where she had held the position of Managing Director since 2015.

Hung succeeds Cyrus Taraporevala, whose planned retirement was announced earlier this year.

Upon Hung’s arrival, Taraporevala will assume the role of advisor and will stay on until early 2023 to ensure a smooth transition of responsibilities.

Bank of the First Republic

The private bank and wealth management firm has hired a nine-member team led by Harold Reinstein and Michael Nelson in Scarsdale, New York.

Reinstein and Nelson were each named chief executive and wealth manager. Daniel Sirota and Pascale Hainline were each named senior vice president and wealth manager, and Kimberly Ferry was named vice president and wealth manager.

They come from Merrill Lynch Wealth Management and will provide portfolio management, retirement planning, investment advice and other wealth management services to individuals, families, nonprofits and foundations. private families.

Steward Partners Global Advisory

Joseph Faber has been appointed chief financial officer of the wealth management company.

Prior to joining Steward Partners, Faber was senior vice president of corporate development at Cetera.

UBS

The wealth manager has hired 10 advisors in Washington, DC.

They joined Merrill, where they managed $2.85bn (£2.6bn, €2.93bn) in client assets.
Private Wealth Advisors William Slater, James King, Scott Fitzenreiter and Ryan Shuler have joined the firm’s Northeast Private Wealth Market, managed by Julie Fox

They are joined by Carey Greenauer, Gigi Peterson, Gregory Porter, Amanda McKenna, Nancy Robinson and Jim Ball.

Separately, financial advisers Kevin Murphy, Michael Brennan, George Seals, Daniel Shannahan, John Green and Elliott Warren have also joined UBS’s mid-Atlantic wealth management market, managed by Ellen Pierce.

BNY Mellon Wealth Management

The wealth manager has appointed Adam Jones as senior client strategist.

He joins BNY Mellon Wealth Management from Bank of America, where he served as Vice President, Corporate Banking Relationship Manager.

Mergers & Acquisitions

OneDigital Investment Advisors

The registered investment adviser (RIA) firm has acquired KB Financial Partners and KB Financial Advisory Partners for an undisclosed amount.

The acquisition of the New Jersey-based wealth management, family office and corporate finance advisory firm marks OneDigital’s sixth strategic wealth management transaction in 2022.

The addition of KB brings OneDigital Investment Advisors’ total assets under management to approximately $107.8 billion.

EP Wealth Advisors

The RIA company bought Massachusetts-based Minot Wealth Management for an undisclosed amount.

Led by managing directors Brian Mulvey, Patrick Donovan and William Corcoran, Minot WM has reached approximately $1.1 billion in assets under management.

All three Minot executives will assume the role of Managing Director/Partner at EP, and all Minot staff will also join the EP team.

MAY Capital Management

The advisory firm bought Maryland-based Prime Investment Advisors for an undisclosed amount.

At MAI, Prime founder Stephen Polan will assume the role of Senior Wealth Advisor and Managing Director.

Prime adds approximately $140 million in assets under management.

Wealth Enhancement Group

The wealth management firm acquired Ohio-based Bohmer Kilcoyne Wealth Management.

Bohmer Kilcoyne Wealth Management’s team of three advisors and five support staff, led by Mike Bohmer and John Kilcoyne, oversees over $677 million in client assets.

Financial terms of the transaction were not disclosed.




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