Further expanding its wealth management division, SageView Advisory Group in December 2021 executed definitive agreements with Capital One Investing to acquire investing client portfolios representing $900 million in AUM.
Capital One Investing, a direct subsidiary of Capital One Financial Corporation, is an SEC-registered investment adviser that offers portfolio management and financial planning services to clients. As part of the deal, SageView will also welcome the Wealth Management team supporting these clients, bringing on professionals located across the country, including Maryland, New York, Oklahoma, Tennessee, Texas and Virginia, according to the Jan. 18 announcement.
“This acquisition directly aligns with our strategic vision to expand the wealth management division at SageView and brings a talented group of financial advisors to the team while expanding our presence nationally,” said Randy Long, SageView Founder and Managing Principal.
This was the fourth acquisition that SageView had announced since July 2021 and follows on the heels of the recently closed acquisition of Minnesota-based Channel Financial and its $3.1 billion in AUA, announced Jan. 6, 2022.
The Capital One transaction is expected to close in the second quarter of 2022, subject to customary closing conditions. Bryan Cave Leighton Paisner LLP served as legal advisor to SageView on the transaction. Centerview Partners served as financial advisor to Capital One and Wachtell, Lipton, Rosen & Katz served as legal advisor to Capital One on the transaction.
