RIA To Provide Advisors And Institutions With Access To The Same Strategies, Including Structured Notes, That NewEdge Wealth Uses With Its Own Ultra-High Net Worth Clients
Stamford, Connecticut-based NewEdge Wealth launched a third-party investment platform to provide financial professionals and institutions with access to the same strategies that the RIA uses with its own clients. These encompass ultra-high net worth families, family offices, foundations, endowments, trusts, estates and other entities.
The new platform, called NewEdge Investment Solutions, offers strategies including investing in structured notes and developing managed investment strategies that use them. Portfolio Manager Michaelangelo Dooley leads the NewEdge Structured Note Strategies team, which strives to remove hurdles for financial advisors who implement the products for clients.
“Structured notes are powerful investment products that allow investors to achieve enhanced or consistent opportunities for growth while minimizing portfolio risk,” Dooley said. “That said, we believe today’s methods used by investors to access structured notes can be improved upon. Our strategies are designed to deliver superior outcomes while producing returns which may be difficult to achieve through conventional equity and bond markets.”
NewEdge Wealth recruited seven advisors and opened three offices in the first half of the year, growing to nine offices nationwide. Gregory Pool joined its Miami office from Wellington Management in July, responsible for advising clients on fixed income and equity investment strategies. Josh Gully joined its Stamford headquarters from Morgan Stanley in April, responsible for developing client relationships and increasing assets under management.
In June, the RIA opened offices in Nashville, with former UBS advisor Richard Ina, and in San Francisco, with former First Republic advisor John Froley. In March, NewEdge Wealth opened its Bentonville, Arkansas, office.
It is part of Pittsburgh-based NewEdge Capital Group, which also includes the RIA NewEdge Advisors and the broker-dealer NewEdge Securities. NewEdge Capital Group, which is the wealth management business unit of EdgeCo Holdings, serves more than 300 financial advisors who collectively oversee more than 75,000 client accounts.
Last week, NewEdge Capital Group announced that, as of June 30, its total client assets serviced exceeded $40 billion, largely as a result of recruitment efforts, and that it is on track to exceed record recruitment and asset growth set in 2022, when it recruited $9.1 billion in expected AUM.
“In combination with providing NewEdge Wealth’s ultra-high net worth clients with a highly personalized approach to wealth strategy, we believe we have unlocked several investment strategies that adapt to the ever-changing market landscape,” said Rob Sechan, a Managing Partner of NewEdge Capital Group and Co-CEO and Co-Founder of NewEdge Wealth. “NewEdge Investment Solutions is designed to offer the broader marketplace access to these unparalleled financial solutions, and I am excited to extend them to other high-caliber institutional partners.”
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com.
