At a glance
- Elevation Point's disclosed deal record is short: Deal Tracker counts one deal announced by the firm in the past 12 months, on Oct. 20, as buyer, involving $750 million in assets.
- The founding partners are Kyle Kight, Alex Armstrong and Jamie Packer, who previously operated as Thompson, Kight, Armstrong & Packer at UBS.
- Cleros serves high-net-worth families, endowments and foundations, many with ties to Fort Worth and Tarrant County going back more than 20 years.
A Fort Worth, Texas, team left UBS with $3.61 billion in client assets to launch Cleros Wealth Partners, an independent registered investment adviser using Goldman Sachs Custody Solutions for custody, WealthManagement.com reported Nov. 4.
Elevation Point, a minority investor in independent and breakaway advisory firms launched in 2024 by former Sanctuary Wealth CEO Jim Dickson, took an undisclosed minority stake in Cleros.
Elevation Point's disclosed deal record is short: Deal Tracker counts one deal announced by the firm in the past 12 months, on Oct. 20, as buyer, involving $750 million in assets. For advisors running wirehouse books, the Cleros structure shows the pieces arriving as separate contracts: equity from a minority backer, custody with research and asset management access from Goldman, and planning, reporting and AI software as part of the package.
The founding partners are Kyle Kight, Alex Armstrong and Jamie Packer, who previously operated as Thompson, Kight, Armstrong & Packer at UBS. The 11-member team also includes Angie Bentley, Barbara Bodon, Tiffany Hayes, George Marlow, Cindy Molina, Marlie Thomas, Jennifer Watson and Grace Wynne.
Cleros serves high-net-worth families, endowments and foundations, many with ties to Fort Worth and Tarrant County going back more than 20 years. The practice's history runs 50 years, to original founder Randy Rodgers, who began his career at Merrill Lynch in the 1970s.
Packer told WealthManagement.com that the partners, having watched the industry for decades, concluded the independent channel offered more room to serve clients. The move broadens the investment options available to the team and adds technology, whether financial planning software, performance reporting software or artificial intelligence, according to the report. The team picked Goldman for custody for its research capabilities and access to asset management, both of which the report described as important to Cleros's clientele.
Reported by the Moves desk from WealthManagement.com and Deal Tracker. Published . Corrections