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Sykes goes wealth management route

John Sykes is now getting into the wealth management game. The Florida entrepreneur today launched JHS Capital Advisors, a firm that comprises a brokerage business he bought last week, Pointe Capital Inc., and a wealth management unit led by Mary Kennemur, a Merrill Lynch recruit.

John Sykes is now getting into the wealth management game.
The Florida entrepreneur today launched JHS Capital Advisors, a firm that comprises a brokerage business he bought last week, Pointe Capital Inc., and a wealth management unit led by Mary Kennemur, a Merrill Lynch recruit.
Ms. Kennemur, a 25-year industry veteran, used to be in charge of the Southeast markets at Merrill Lynch & Co. Inc.. She managed more than $125 billion in assets there and brought in $850 million in revenue annually, according to a press release. She’ll now oversee all operations of the wealth management business at JHS Capital, including client service and recruiting, the release said.
It’s been a busy December for Mr. Sykes. First he resigned as chairman of the board of struggling independent-contractor broker-dealer GunnAllen Financial Inc. Then he turned around and bought Pointe Capital from GunnAllen’s parent company, marking the second time he had purchased the brokerage firm this year. (The latter firm, GunnAllen Holdings, which he still controls, bought Pointe Capital in September.)
The press release indicated that launching JHS is an attempt to have a fresh take on the brokerage business, with the added attraction of wealth management capabilities. “We are committed to building a unique advisory firm, with a fresh business model, that provides both wealth management and independent brokerage capabilities,” Mr. Sykes said in a press release.
Mr. Sykes and Ms. Kennemur were not available for interviews.
The retail and institutional part of JHS’ business will be run by Paul Richardson, the former CEO and co-founder of Pointe Capital, according to the release.