WealthTrust snaps up Miami firm
WealthTrust LLC, one of the nation’s most aggressive buyers of advisory firms, yesterday agreed to acquire a majority interest in a prominent Miami wealth management firm, Foldes Financial Management Inc.
WealthTrust LLC, one of the nation’s most aggressive buyers of advisory firms, yesterday agreed to acquire a majority interest in a prominent Miami wealth management firm, Foldes Financial Management Inc.
Nashville, Tenn.-based WealthTrust now holds ownership interests in 11 advisory firms around the country, with a cumulative total of $7.6 billion in assets under management.
The transaction “facilitates succession planning” at Foldes, Steven Foldes, the firm’s founder and chief executive, said in statement.
He also cited WealthTrust’s resources and its investment platform, which, he said, “augments our operational expertise.”
“It’s tough to get a deal done in this environment so I am very proud of this one, ” said WealthTrust chief executive M. Rush “Rusty” Benton.
Foldes Financial has assets under management of $400 million.
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