By Kenneth Corbin
Angeles Wealth Management, a $2.7 billion registered investment advisory firm, has acquired XO Capital, a boutique firm catering to wealthy clients that forms the nucleus of a new family office service. The deal is Angeles' first acquisition.
Angeles, based in Santa Monica, Calif., with offices in New York City and Houston, primarily caters to high-net-worth and ultrahigh-net-worth clients. The addition of XO Capital supports the launch of a new business unit it is calling Angeles Family Office, which is headed by the leaders of the acquired firm -- co-founders Adam Stern and Jason Oclaray. Stern is CEO of Angeles Family Office; Oclaray is president of the unit.
"Our team has collectively dedicated our careers to serving family offices," Stern says. "Our experience and culture at AFO is a significant advantage in serving complex families."
Angeles Wealth launched in 2011 with a service offering geared for "generationally wealthy families," the firm says. It is supported in that effort by Angeles Investment Advisors, an affiliated entity that serves as an outsourced chief investment officer for foundations, endowments, and other institutions. Angeles Investment Advisors plans to help guide the investments of AFO clients, as it does for some wealthy families who work with Angeles Wealth.
XO reported just under $187 million in assets under management on its latest Form ADV regulatory filing. Angeles Wealth President and CEO Jonathan Foster says the new family office aims to strike a balance that will provide wealthy clients with customized, comprehensive planning services backed by the institutional quality of its OCIO affiliate.
"With AFO, we're creating what we believe is the 'Goldilocks' of family office offerings -- not too big, not too small, but just right," Foster says. "Families need flexibility when choosing services that fit their priorities, paired with disciplined investing that's too often missing in the family office world."
The union of the wealth management offering provided by Angeles Wealth, the institutional services of the OCIO, and XO's family office model under the AFO division "creates a trifecta of high-end financial services," says Oclaray. "We're the family's executive office, and if they need it, we'll make it happen with the depth of resources now at our disposal."
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January 14, 2026 17:06 ET (22:06 GMT)
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