Industry Moves

Merrill Loses $368M Advisor Team to UBS

Rachel Cain and Carl Ceder have joined UBS offices in the Greater Los Angeles area.

UBS says it has poached two Merrill Lynch financial advisors in the Greater Los Angeles area.

Carl Ceder has joined UBS in Sherman Oaks, and Rachel Cain joins the firm in Westlake Village, according to UBS.

Ceder has been in the industry since 1986 and had been with Merrill Lynch since 2002, according to BrokerCheck. He offers advice on asset allocation, portfolio management and alternative investments, UBS says.

Cain started her finance career in 1996 and joined Merrill in 2000, according to her BrokerCheck profile. She specializes in asset allocation, estate planning, long-term care and transition events, as well as overseeing concentrated stock positions and offering clients access to commercial banking and financing strategies, UBS says.

Assisted by client service associate Diana Dell, the advisors manage a total of $368 million, according to the company.

UBS said earlier this month that it also lured a Merrill Lynch financial advisor overseeing more than $500 million in Sherman Oaks.

UBS’ Americas unit had 6,139 advisors at the end of June, down from 6,199 at the end of March.

The total number of wealth advisors at Bank of America, which includes those at Merrill Lynch, BofA Private Bank and consumer banking, dropped to 18,449 at the end of June, down from 19,385 at the end of June 2021.

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Wealth Enhancement Group Adds $1.6B RIA

The latest acquisition is Milwaukee-based Sadoff Investment Management.

Wealth Enhancement Group says that its active year of acquisitions now includes another billion-dollar-plus registered investment advisor.

The latest addition is Milwaukee-based Sadoff Investment Management, a firm founded by Ronald Sadoff in 1978 and now also including family members Bryan and Michael Sadoff, according to Wealth Enhancement.

The companies didn’t disclose the relationship between the three men.

Together with three support staff, the Sadoffs oversee $1.6 billion for high net worth business owners and professionals who are near or in retirement, the company says.

"It's been 44 years since we opened our doors, but this is the beginning of a new, exciting chapter for our firm and our clients," Ronald Sadoff said in the announcement. "They will benefit from the massive network of specialists and resources at Wealth Enhancement Group while receiving the same care we've promised and delivered from the beginning.”

Wealth Enhancement didn’t disclose the financial terms of the deal.

Plymouth, Minnesota-based Wealth Enhancement says it had $55.7 billion in client assets, including $4 billion of brokerage assets, as of the end of July.

The company says that the Sadoff acquisition is its ninth this year.

Earlier this month, Wealth Enhancement announced that it acquired a $663 million hybrid RIA in Massachusetts.

And in June, Wealth Enhancement said it acquired a $1.7 billion RIA with offices in New York and Tennessee.

Wealth Enhancement also added a $1 billion Colorado RIA in December last year.

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MAI Capital Management Adds True Capital Mgmt. Exec

Justin Bass will oversee MAI Capital’s sports and entertainment division, the firm says.

MAI Capital Management announced that it has added a former True Capital Management executive to its division serving the firm’s high-net-worth entertainers and professional athletes.

Justin Bass joins MAI Capital as managing director of the firm’s sports and entertainment division, according to a statement the firm released Wednesday.

Bass has more than 25 years of experience in finance, according to MAI Capital’s announcement. He was previously managing director at San Francisco-based True Capital, according to that firm’s website. Bass’ LinkedIn profile indicates that he was previously managing director of the sports and entertainment division of SunTrust Bank.

MAI Capital managing partner Rick Buoncore, in a release announcing Bass’ hire, said Bass has “extensive experience providing clients with customized financial and investment management services. … We’re thrilled to leverage his insight in bolstering our offerings for our professional athlete clients.”

Bass will operate out of MAI Capital’s Irvine, California office.

MAI Capital says it has added 21 new registered investment advisors since 2018. Last month, the firm added Ohio-based wealth-management team Pareto Wealth Management. Earlier this month, the firm recruited former Northern Trust executive Colter Lewis as president of wealth management.

MAI Capital manages $14.4 billion in client assets, the firm says.

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Transcend Capital Advisors Tabs Ex-Calamos President as CEO

Jim Baka had served as president of Calamos Wealth Management for the past two decades.

Transcend Capital Advisors says it has named the former president of Calamos Wealth Management its new chief executive officer.

Jim Baka joined Transcend this month, according to the firm. In his new role as CEO, he’s tasked with firm strategy, expanding the firm’s geographic reach, recruiting advisors, operations and organic growth initiatives, according to Transcend.

Prior to joining Transcend, Baka spent about 18 years as president of Calamos, per his LinkedIn profile. According to Transcend, Baka “conceived and launched” the firm’s wealth business and grew it into a multi-family office overseeing about $4 billion in assets.

Baka also held senior roles at Fidelity Investments and Hamilton Investments, according to LinkedIn.

Founded in 2019, Transcend currently manages a total of about $2.4 billion of assets out of offices in New Jersey, Michigan and Florida, according to the firm.

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