The addition brings Arax’s assets under management to over $16 billion.
NEW YORK, April 11, 2024 (GLOBE NEWSWIRE) — Arax Investment Partners (“Arax”), a leading wealth management platform firm backed by RedBird Capital Partners (“RedBird”), today announced that “USCWA”) is an independent hybrid asset management firm headquartered in Houston, Texas, managing approximately $9 billion in AUM/A across more than 5,500 clients and 62 advisors.
USCWA has strong Texas locations in Houston, Austin, Dallas, and Georgetown, as well as offices in New York City and Massachusetts. The company brings meaningful scale, a robust operational infrastructure, and full-service wealth management capabilities, including financial planning, investments, and insurance, to support high-net-worth and ultra-high-net-worth clients to the Arax platform. In just 18 months, Arax’s boutique wealth management platform has grown to 120 advisors, serving more than 12,000 clients, and his total assets under management exceed $16 billion.
“USCWA was founded on the same principles as Arax, allowing financial advisors to offer their clients specialized, comprehensive solutions that combine the personal touch of a regional firm with the capabilities available to a large national agency. ” said Arax Chief Executive Officer Haig Arian. . “The introduction of this multi-custodial advisory platform and US Capital broker-dealer capabilities will create additional opportunities for advisors and their clients across the Arax platform.”
US Capital Advisors, co-founded by Pat Mendenhall and Dave King, will combine its large advisory wealth business with Legacy One Financial in 2021, joining Jim Fortescue, Pat Mendenhall, Founded USCWA under the leadership of Dave King. By joining Arax, USCWA will retain its branding, core advisory and client-facing operations, becoming key pillars of the Arax platform.
Arax will continue to operate as a multi-boutique platform offering shared services across back-office and middle-office functions, as well as organic and inorganic growth through new product and service capabilities, cross-selling, and supporting M&A sourcing and execution for key teams. strengthen. USCWA’s Ashton Thomas and other advisory firms have already partnered on the platform.
“We strive to provide our clients and advisory teams with an unparalleled client-centric experience, providing them with the advanced financial support, direction, and solutions they need. We are excited to continue this core focus as part of USCWA,” said Pat Mendenhall, co-managing partner of USCWA. “Arax’s partnership strategy and flexible platform set us apart from others in the market and will help our team deliver superior results for our clients.”
John Paul DeJoria said: As always, an entrepreneur’s goal should be to find the right partner for the next stage of scale and growth. Our team is proud of RedBird, Arax, and their leadership for driving shareholder value and, most importantly, taking care of our many great customers, great employees, and their talented advisors. I’m very proud and confident. ”
Mr. DeJoria, one of the country’s best-known entrepreneurs and philanthropists, is a major investor in Legacy One and will remain a major shareholder in USCWA.
advisor
UBS Investment Bank and TD Securities acted as financial advisors to Arax on this transaction. Fried Frank served as legal advisor to Arax.
About Arax Investment Partners
Arax Investment Partners is a rapidly growing multi-boutique asset management platform that works with founders and management teams to make strategic investments in best-in-class operating companies. Arax is focused on supporting RIAs, hybrid wealth managers, and advisor teams who make strategic investments and seek new growth platforms to expand their businesses.
Arax enables its partners and affiliates to be entrepreneurial and focus on delivering industry-leading financial services to their customers. Companies in the Arax network have a proven track record of success with growing wealth platforms, M&A experience, capital raising capabilities, and company-building expertise from Redbird Capital Partners, a proven investor with an extensive network. We benefit from a strong management team. Our experienced leaders, multi-platform structure, and growth capital partnerships provide unique advantages for our partners. For more information, please visit www.araxpartners.com.
About US Capital Wealth Advisors LLC
US Capital Wealth Advisors, headquartered in Houston, Texas with additional offices in Austin, Dallas, Georgetown and New York City, announced the launch of a new fee-based Asset management advisory platform. Capital Advisors and Legacy One. USCWA’s mission is to deliver an exceptional client experience by combining the deep experience and expertise of our team of financial advisors with the breadth and depth of investment strategies and solutions. For more information, please visit https://uscwealth.com/.
About Redbird Capital Partners
RedBird Capital Partners is a private investment firm that provides strategic capital solutions to founders and entrepreneurs to build high-growth companies. The firm currently manages $10 billion in assets on behalf of a global group of blue-chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird combines his sophisticated private equity investments with a hands-on business building mission focused on his three core industries: Financial Services, Sports, and Media & Entertainment. doing. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please visit www.redbirdcap.com.
contact address
media
Dan Gagne
Gagné Communications
RedBird@gagnierfc.com
