Your 'Independent' Advisor Now Works For Private Equity -- Barron's

Dow Jones06-15

"We provide the same level of information and support to our partner firms about Kennedy Lewis investments as we do for the 47 world-class alternative investment solutions on our platform, each of which has passed an incredibly rigorous due diligence process," said a spokesman for Sanctuary Wealth in an email. Kennedy Lewis didn't return a call seeking comment.

The arrangement not only irks Esposito, but some of his clients. One, Stephen LaVersa of Greenwich, Conn., understands fund distribution more than most -- he himself used to help asset-management firms raise investment dollars from advisors. When he saw a trade publication article about Sanctuary marketing its parents' funds earlier this year, he fired off an email to Esposito commending it for exiting the relationship.

"I want my investment advisor to be paid exclusively by me, and I want him to do everything with an eye toward benefiting my portfolio," LaVersa says.

Write to Ian Salisbury at ian.salisbury@barrons.com

To subscribe to Barron's, visit http://www.barrons.com/subscribe

(END) Dow Jones Newswires

June 14, 2024 21:30 ET (01:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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By Ian Salisbury. Investment advisors pride themselves on having a personal relationship with customers, but private-equity firms are gobbling them up to form wealth-advisor leviathans.One of the largest private-equity firms, Carlyle Group, has acquired stakes in registered investment advisors Captrust, with more than 80 offices mostly in the Northeast, and MAI Capital Management, with more than 25 in the Midwest and elsewhere.Financial advisor firms are attractive businesses, says Jim Burr, co-head of global financial services at the Carlyle Group. They are highly profitable, with steady cash flows and growth. The industry is also fragmented, with thousands of small businesses, making it relatively easy to add value by streamlining operations. \"It very much fits the playbook,\" Burr says.Private-equity firms aren't long-term investors. 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Kennedy Lewis didn't return a call seeking comment. \n\n\n     The arrangement not only irks Esposito, but some of his clients. One, Stephen LaVersa of Greenwich, Conn., understands fund distribution more than most -- he himself used to help asset-management firms raise investment dollars from advisors. When he saw a trade publication article about Sanctuary marketing its parents' funds earlier this year, he fired off an email to Esposito commending it for exiting the relationship. \n\n\n     \"I want my investment advisor to be paid exclusively by me, and I want him to do everything with an eye toward benefiting my portfolio,\" LaVersa says. \n\n\n     Write to Ian Salisbury at ian.salisbury@barrons.com \n\n\n \n\n\n  To subscribe to Barron's, visit http://www.barrons.com/subscribe \n\n\n  (END) Dow Jones Newswires\n\n\n  June 14, 2024 21:30 ET (01:30 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2443933596"}