M&A roundup: RubinBrown, WA Asset Management and BigTime Software grow

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Details: WA Asset Management, a Birmingham, Alabama-based registered investment advisory firm affiliated with Top 100 Firm Warren Averett, has acquired BT Wealth Management LLC, an advisory firm in Atlanta and Savannah, Georgia.

The M&A deal is the second acquisition since Warren Averett sold a majority stake in its asset management subsidiary last November to Wealth Partners Capital Group, a financial services holding company in Palm Beach, Florida. and HGGC, an investment firm in Palo Alto, California (see the story). In April, WA Asset Management acquired Clark Financial Advisors, an investment advisory firm registered in Birmingham, Alabama.

BTWM was founded in 2008 as the wealth management division of another Top 100 company, Bennett Thrasher LLP. Under managing partner Scott Craig, BTWM has grown to approximately $1 billion in assets under management. The acquisition closed on June 30 and will increase WAAM’s assets under management by approximately $1 billion. Financial terms were not disclosed. WAAM manages $4.3 billion in assets as of May 31, 2022 and offers collaborative investment, tax, estate and financial planning services.

BTWM’s entire 14-person team will join WAAM, with Craig taking on the role of regional director, Clay McDaniel becoming director of private markets investments and Justin Snell becoming chief operating officer.

“WAAM’s ethos is rooted in its commitment to its customers and supporting them at every stage of their lives,” WAAM CEO Josh Reidinger said in a statement last week. “We see these same values ​​woven into the culture of BTWM. This acquisition lays the foundation for future growth in the South East and beyond, and we are delighted to welcome BTWM’s talented and dedicated professionals to our team.

WAAM plans to rebrand and redefine its brand in the coming months, suggesting it’s moving away from its Warren Averett origins, but it could still retain some of that history.

“WAAM is in a period of rapid growth and we are considering how our company’s mission, values ​​and goals are reflected in our market positioning,” WAAM President Justin Russell said in a statement. . “Our goal is to honor our heritage and the valued partnerships we have nurtured throughout our history, while showcasing our forward-looking momentum.”

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