Ron Pruitt has been named the new president of Orion Wealth Management.
Ryan Beach preceded Pruitt in the role, leaving in March after serving from September 2022.
Before taking on the new role, Pruitt served as senior vice president of Nasdaq Analytics and, prior to that, as president of eVestment and Solovis, respectively (both acquired by Nasdaq). He was also co-founder and CIO of Placemark Investments and served as executive vice president at Envestnet following its 2014 acquisition of Placemark.
Pruitt served as an officer in the United States Army and graduated with a bachelor's degree in econometrics from the United States Military Academy at West Point. He also holds an MBA from the University of Texas at Austin.
Orion serves $4.3 trillion in assets under advice or management and $68.3 billion in wealth management platform assets. In September 2023, Orion Advisor Solutions under the name Natalie Wolfsenformer CEO of AssetMark, as its new CEO, succeeding founder Eric Clarke.
Orion won four 2023 WealthManagement.com Industry prices in the technology switch, customer onboarding/new account opening, unified systems (all-in-one) and CRM categories.
Sanctuary Wealth Appoints Robert Coppola as Chief Technology Officer
Sanctuary Wealth, the Indianapolis-based partnership of independent registered investment advisors, has named Robert Coppola as its new chief technology officer.
Before joining Sanctuary Wealth, Coppola most recently served as Envestnet's CTO for more than three years and Cision's chief information officer from 2016 to 2020. Earlier in his career, he served in similar roles at Executive R&D Services, McGraw-Hill, Thompson Reuters and Bloomberg.
Coppola will report to CEO Adam Malamedwho was elected by the board of directors to take over from founder Jim Dickson after him surprise shot in February 2023.
Earlier this month, Sanctuary Wealth really won Independencea Portland, Ore.-based RIA support platform. that works with 30 firms managing $12.5 billion in client assets.
Since launching five years ago, Sanctuary has grown into one of the country's largest pure RIA platforms. Including the recent acquisition of Independence True, the Sanctuary Wealth network now includes more than 120 partner firms in 30 states, with approximately $42 billion in assets on its platform.
DriveWealth hires former Morgan Stanley executives
New York-based global digital commerce technology provider DriveWealth has hired Kyla Murphy as chief product officer and Lauren Veisz as chief operating officer.
Murphy has worked at Morgan Stanley for 17 years, most recently as managing director and head of Basel implementation.
Veisz also worked at Morgan Stanley. In her more than two decades there, she was most recently head of business architecture and change for the global finance division.
Since its founding in 2012, DriveWealth has enabled Altruist trading software AND introduced fractional trading in HSA.
Commonwealth Financial Network partners with iCapital
Independent broker/dealer Commonwealth Financial Network has partnered with alternative investment platform iCapital.
iCapital's white-labeled platform offers non-tradable alternative investments to high-net-worth clients.
Commonwealth Financial Network has been privately held since 1979 and is headquartered in Waltham, Mass., and San Diego. It currently serves approximately 2,200 independent advisors and has a total AUM of $296 billion.
Last month, iCapital agreed to acquire Miradora fintech that provides investment data aggregation and financial reporting across alternative and traditional investments.
iCapital has $184.72 billion in global platform assets, over 1,450 employees and 12 offices worldwide. It has established partnerships with many financial institutions and wealth managers, from Rockefeller Capital Management to PIMCO, Morgan Stanley, Morningstar and others.