Wealthspire, a New York-based registered investment advisor with $580 billion in assets under management and administration, has made its first acquisition since its launch.
RoundAngle Advisors, a Red Bank, N.J.-based firm with $176 million in assets under management, is leaving broker/dealer Purshe Kaplan Sterling Investments in the move, according to its most recent filings. The RoundAngle deal marks the start of what Wealthspire CEO Mike LaMena has said will be an aggressive acquisition campaign for the new RIA.
The original Wealthspire, along with four other wealth and retirement plan advisory firms, was acquired by Madison Dearborn Partners earlier this year from its parent firm, Aon. Earlier this month, LaMena announced the firms would operate under the umbrella name Wealthspire and continue to scale through a $1 billion debt financing raise, done in conjunction with Madison Dearborn.
Jonathan Bernstein founded RoundAngle Advisors in 2015 and oversees clients that include both individuals and employer-sponsored 401(k) plans. He, along with team members Nela Diaz and Deirdre DeRosa, will continue their practice under the Wealthspire brand.
The move by Wealthspire expands its presence in the New York tri-state area, adding to its over 40 offices and 1,200 employees.
Although RoundAngle is relatively small as measured by assets, it signals a first salvo for Wealthspire’s ambitions to grow its $500 billion in assets under administration on the institutional side and its roughly $80 billion under management on the wealth side.
“Jonathan and his team exemplify the care and professionalism that define Wealthspire,” LaMena said in a statement. “Their long-term focus and personalized planning approach aligns seamlessly with how we serve families.”
Global insurance, retirement and health firm Aon acquired Wealthspire and four other advisory firms in April 2024, when it purchased NFP, a middle-market property and casualty broker. Through that deal, Madison Dearborn sold out of its majority position in NFP.
Earlier this year, Madison Dearborn announced it had returned to purchase the wealth assets previously held by NFP, which included Wealthspire, Newport Private Wealth, Fiducient Advisors, NFP Retirement and Ground Control.
