Wealthspire's Ground Control acquires London-based Atlantic Swiss, a $1 billion wealth manager

Ground Control Business Management, Wealthspire's entertainment and sports division, has acquired London-based Atlantic Swiss, a wealth manager with more than $1 billion in assets under management and administration. No purchase price appears in WealthManagement.com's report of the deal, announced Oct. 20.

Atlantic Swiss brings more than 20 employees, eight of them advisors, and founding partner Craig Bell. Bell remains president and will work alongside Nick Parkinson, president of Ground Control's U.K. division.

Eight advisors carrying $1 billion works out to roughly $125 million per advisor. Atlantic Swiss describes its model as "family CFO" work, pairing financial planning with investment management, and serves individuals in entertainment, media and sports.

The $1 billion is measured as assets under management and administration, a wider bucket than discretionary assets under management.

The acquisition is part of a build Wealthspire CEO Mike LaMena has been running since Madison Dearborn Partners bought the firm last year. In March the RIA launched a family office division with 300 families and $50 billion in assets. Earlier this month it stood up a Sports & Entertainment practice inside that division, carrying $2.9 billion in assets, per PWD's records. Atlantic Swiss sits in that vertical, in a country where Ground Control already has offices in London and the Midlands.

Berkshire Global Advisors advised Wealthspire on the transaction, per the report.