Arthur J. Gallagher
US-based insurance firm Arthur J. Gallagher has acquired the remaining stake in Capsicum Reinsurance Brokers, increasing its ownership from 33% to 100%.
The company employs more than 150 employees and has offices in the UK, the US, Bermuda, and South America. Capsicum Re was launched to serve as the reinsurance broking arm for Gallagher, eventually becoming the main treaty reinsurance outlet of the Gallagher group of companies.
Wealth manager Fiduciary Trust Company International, part of Franklin Templeton, has agreed to buy Athena Capital Advisors for an undisclosed sum.
The merger deal will add around $6bn in assets to Fiduciary Trust's books, increasing its assets under management to $25bn. The takeover is said to diversify the firm's investment offering to enable it to better serve ultra-rich customers.
Mercer Global Advisors has expanded its US footprint with the acquisition of wealth manager CCP.
The deal adds around $140m in assets to Mercer Advisors' books. Financial terms of the transaction were not disclosed. Headquartered in Chicago, Illinois and set up in 1985, CCP caters to nearly 100 households.
Wealth tech provider Envestnet has agreed to buy a minority holding in adviser network Dynasty Financial Partners.
The deal is part of the companies' broader plans to introduce the Advisor Services Exchange (ASx) later in 2020. Through ASx, Envestnet customers can gain access to the services Dynasty offers its members. These services include business management tools, growth capital, outsourced CFO services, as well as marketing services.
Charter Oak Financial
Charter Oak Financial, a US-based financial planner, has merged its operations with MassMutual Greater Long Island, and MassMutual Greater Hudson.
The merger forms part of Charter Oak's strategy to bolster its presence and the required infrastructure to offer improver services to customers. The consolidated entity will adopt the Charter Oak brand.
Savant Capital Management, an Illinois-based wealth manager, has expanded its regional footprint with the acquisition of Huber Financial Advisors.
Based in Lincolnshire, Illinois, Huber is an independent wealth management firm with a workforce of 28. Its clientele includes pension and profit-sharing plans, HNWIs and charitable organisations, among others.
Visa will be buying privately held financial technology startup Plaid in a $5.3bn deal, according to a statement from the payments processor.
Visa and rival Mastercard had invested in Plaid in a $250m series C funding round in 2018 that reportedly valued the firm at $2.65bn. Visa said it expects the deal to close in the next three to six months and benefit its adjusted earnings per share at the end of the third year, according to a report in the Wall Street Journal.