$43B Lido Names Brian Haloossim President, Elevates Ken Stern to Co-CEO
Lido Advisors, a Los Angeles-based wealth advisory with more than $42.5 billion in assets under management, named Brian Haloossim president and elevated founding partner Ken Stern to co-chief executive officer alongside Jason Ozur, the firm announced.
Haloossim was formerly a senior national leader, advisor and mentor at Bernstein Private Wealth Management, also based in Los Angeles. In the new role, Haloossim will focus on organic growth, building the firm’s brand and strengthening infrastructure to support expansion, according to the RIA.
“What drew me to Lido was a combination of the entrepreneurial spirit that has led to their enviable growth, a platform that is genuinely built for complexity and a culture that puts the clients first in everything it does,” Haloossim said.
Former President Stern, as co-CEO with Ozur, will remain engaged on the investment committee, shaping the client experience strategy and leading Lido’s overall direction.
Over the past 18 months, Lido has grown from $24 billion in AUM to more than $42.5 billion across more than 40 offices and 250 employee-owners nationwide, the firm said.
OnePoint BFG Names Sam Cari Chief Strategy Officer
OnePoint BFG Wealth Partners, a Parsippany, N.J.-based RIA backed by Rise Growth Partners, has hired Sam Cari from RIA Northrock Partners to be chief strategy officer, the RIA announced.
Cari will now lead corporate strategy and oversee mergers and acquisitions for OnePoint BFG, which has grown to $16 billion in AUM, in part through recent additions.
“Sam’s combination of strategic vision, deal experience and deep understanding of advisory delivery makes him an exceptional addition to our leadership team,” CEO Andy Schwartz said in a statement.
Cari led acquisitions and founded the trust and estate planning practices at NorthRock Partners, as it grew from about $600 million in AUM to $12 billion. The firm is part of insurance holding company Sammons Financial Group.
Cari will be based in the OnePoint BFG’s Minneapolis office and report directly to Schwartz.
Bogart Wealth Adds Director of Corporate Development to Support M&A
Bogart Wealth, a $3.2 billion RIA based in McLean, Va., has hired Bryce Black as director of corporate development to “help institutionalize Bogart’s M&A strategy,” the firm announced.
Bryce brings experience from wealth manager Robertson Stephens, where he co-led the M&A team, Focus Financial Partners, where he was an M&A associate, and PwC, where he was a consultant in the asset and wealth management advisory practice.
In the new role, Bryce will be responsible for sourcing and evaluating potential partners, supporting transaction execution, and working with leadership on integration.
Bogart, which has its roots in working with ExxonMobil employees, will ask Black to focus his M&A efforts on RIAs that work with Fortune 500 executives, professionals and employee bases, the firm said.
“Our growth has always been grounded in deep client knowledge,” founder and CEO James Bogart said in a statement. “We see a meaningful opportunity to extend that model through partnerships with RIAs that have built similar trust and specialization inside other communities that are home to some of the nation’s top organizations.”
Cliffwater Hires Sean Murray from Goldman to Head Retirement Solutions
Cliffwater, a private markets fund manager with $44.5 billion in net assets, has hired Sean Murray to its distribution team as head of retirement solutions, where he will lead the expansion of the firm’s retirement channel, the firm announced.
Murray was most recently at Goldman Sachs, where he focused on retirement and workplace offerings, including the inclusion of private-market investing in defined-contribution plans. Before Goldman, Murray was head of retirement at wealth technology firm Envestnet and had previously had leadership roles at BlackRock and PIMCO.
“I’m excited to continue increasing the role of private markets in retirement plans alongside an innovator in the space like Cliffwater and believe the firm is uniquely positioned to be at the forefront of this evolution,” Murray said in a statement.
Chief Executive Officer Stephen Nesbitt said in a statement that Murray’s experience across the retirement landscape makes him a key asset for the firm, which has, over the past year, hired seven managing directors or higher with an average of 18 years of experience across teams, including investment and distribution.
Citizens Hires Two Focused on UHNW Clients
Citizens, the Providence, R.I.-based bank and wealth manager, has made two hires to bolster its practice for high- and ultra-high-net-worth clients, the company announced.
Joe Roberts will be head of family office solutions within Citizens Wealth, and Adam Devlin will be head of platform transformation across Citizens Private Bank and Citizens Wealth. The appointments are part of Citizens’ strategy to strengthen advisor capabilities and put resources toward integrating client platforms, the firm said.
“Joe and Adam bring deep expertise that will enable us to deliver more sophisticated solutions, meet our clients at each stage of their financial journey, and position us for continued growth,” Paul Casey, head of wealth management at Citizens, said in a statement.
Roberts joins Citizens from Rockefeller Capital Management, where he developed and led the firm’s family office and advisory platforms. In his new role, he will build and scale Citizens Wealth’s Family Office Solutions.
Devlin was most recently with JPMorgan Chase, where he was a managing director and head of product transformation and controls for global banking, according to his LinkedIn profile. In his new role, he will create and execute on a multi-year project to scale platforms, streamline processes, and improve client and advisor experiences, according to Citizens.
