Two advisors in Greensboro, NC, have broken away from Merrill Lynch to start their own business with the backing of Sanctuary Wealth. Vincita Investment Partners, led by partners JJ Marus and Lauren Norris, joined Sanctuary's “partnership independence” model, bringing $700 million in client assets from Merrill.
Both leave Merrill's KM & Associates after about a decade with the firm. Most of the KM team remains at Merrill.
Vincita serves business owners, C-suite executives, and the “millionaire next door.” Both advisors are former athletes; Marus competed in the US Olympic Trials as a swimmer and Norris is a former All-American lacrosse player and coach.
Marus said the team chose Sanctuary after extensive due diligence and speaking with other partner firms.
“(Sanctuary) clearly understands what it takes to succeed in the transition of advisers like us, building a unique model that prioritizes client service and helps their partners enjoy meaningful growth,” he said in a statement. . “Furthermore, they have developed an alternative investment platform that far exceeds anything we've seen before and have advanced technology that will enable us to manage the wealth of families with unique needs, wherever their assets are held.” ”
Since launching five years ago, Sanctuary has grown into one of the country's largest pure RIA platforms, primarily through the recruitment of wiretaker. Today, the firm oversees approximately $30 billion in client assets through partner firms in 27 countries.
Last February, Sanctuary founder Jim Dickson was abruptly terminated, with the board of directors appointing Adam Malamed, a board member, to replace him as CEO. At the Market Council Summit in December, Dixon spoke for the first time since leaving about his time at Sanctuary and the lessons learned at the helm of the company.
Sanctuary is majority owned by Azimut Group, a European-based asset management firm. In July 2022, Sanctuary announced it closed a deal with New York-based Kennedy Lewis Investment Management, a credit manager, to obtain $175 million in financing in the form of a convertible note.