New York City-based Arax Investment Partners (Arax) acquired Schechter Investment Advisors (SIA), the RIA business of Birmingham, Michigan-based Schechter, in a move that expands Arax’s reach in the Midwest. SIA had $4 billion in assets under management (AUM) as of May 28.
At closing, SIA will merge with RIA Arax Advisory Partners, based in Denver, which Arax describes as a “coalition of independent firms” that serve individuals, institutions and high net worth families. Schechter’s Advanced Design Life Insurance business will continue operating as a separate entity.
SIA’s clients will gain access to Arax’s planning and investment solutions, and Arax’s business development opportunities and business growth expertise will be available for SIA’s advisors.
“For almost a century, we have found success by reaching across the financial landscape to identify the strategies and opportunities that best serve our clients and their goals,” said Marc Schechter, CEO of Schechter. “By joining the Arax platform, we benefit from the additional expertise, infrastructure and resources, allowing us to focus even more on what matters most: our clients.”
Haig Ariyan, CEO of Arax Investment Partners, said Schechter’s approach aligns closely with Arax’s goals. “The Schechter team is known for thoughtful, multi-generational financial planning and sophisticated investment solutions – exactly the type of partner we are looking for as the Arax platform scales,” he said.
Arax is backed by RedBird Capital Partners. In January, it acquired Cedrus Financial, with approximately $1 billion in assets.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
