Wealth Enhancement Group buys $1.7 billion Kings Point Capital Management

The acquisition, Wealth Enhancement Group's fifth completed deal this year, boosts its total assets to $55 billion.

Wealth Enhancement Group announced Thursday morning the acquisition of Kings Point Capital Management, a $1.7 billion advisory firm based in Great Neck, New York.

The deal pushes Minneapolis-based Wealth Enhancement Group’s total assets to $55 billion.

Kings Point was founded in 2005 by two former executives from Goldman Sachs, Jack Salzman and Jeffrey Bates, and has offices in New York and Tennessee. The firm specializes in customized portfolios, estate planning and charitable giving.

Like most deals these days, this one was driven by scale, said Kings Point senior managing partner Salzman.

“We sought a strategic partner with a reputation for high-quality service and found that Wealth Enhancement Group immediately understood our philosophy of service,” he said. “In addition, we saw opportunities to scale portfolio management and client services.”

David DeVoe, founder and chief executive of DeVoe & Co., advised Kings Point through the deal.

“Clients of the combined organization will benefit from a broader set of capabilities while still receiving the same superior service they experienced in the past,” DeVoe said. “The expanded opportunities for the next-generation team will also benefit the broader company as well as clients.”

This marks the fifth completed deal this year for Wealth Enhancement Group.

“We are thrilled that Kings Point chose to join forces with Wealth Enhancement Group,” Jim Cahn, Wealth Enhancement Group’s chief investments and business development officer, said in a statement.

“With more than 80 years of combined industry experience, Jack and Jeffrey are true leaders in the RIA space,” Cahn added. “We are honored to provide them with the additional scale and resources they need to continue competing in the evolving wealth management industry.”