Constellation Wealth Capital takes minority stake in BakerAvenue, a $6.3B RIA
BakerAvenue says the undisclosed capital will expand tax, estate planning and corporate trustee services while its leadership team keeps control.
At a glance
Constellation Wealth Capital has taken a minority stake in BakerAvenue Wealth Management, the San Francisco RIA with $6.3 billion in assets under management, the RIA announced.
BakerAvenue said the capital will expand integrated tax preparation and estate planning services and corporate trustee offerings, and support new markets, advisor recruiting and additional organic growth channels.
BakerAvenue says client assets compounded at a 23% annual rate from 2021 through 2025.
Constellation Wealth Capital has taken a minority stake in BakerAvenue Wealth Management, the San Francisco RIA with $6.3 billion in assets under management, the RIA announced. Financial details of the stake were not disclosed, and BakerAvenue said it will remain majority-owned and controlled by its leadership team.
BakerAvenue said the capital will expand integrated tax preparation and estate planning services and corporate trustee offerings, and support new markets, advisor recruiting and additional organic growth channels.
BakerAvenue says client assets compounded at a 23% annual rate from 2021 through 2025. Pat McHugh, partner and head of investments at Constellation Wealth, cited the organic growth, integrated model and investment program, and said Constellation's focus is long-term capital and strategic resources for the existing team's priorities.
Constellation, founded in 2023 by former Emigrant Partners CEO Karl Heckenberg, can take up to a 40% stake and has reportedly invested in 18 RIAs with a combined $340 billion in assets since launch. That implies an average of about $18.9 billion in assets per RIA, above BakerAvenue's $6.3 billion.
Merit Financial Advisors, the Atlanta RIA this publication has covered through a long acquisition run, is also in the Constellation portfolio.
Simon Baker, BakerAvenue's founder and executive chairman, said Constellation shares the firm's values and vision; CEO and partner Tom Ngo said clients will keep working with the same team and philosophy, "now supported by additional resources."
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