EP Wealth has acquired CornerCap Investment Counsel, an Atlanta-based firm with $1.1 billion in assets under management. It is EP Wealth's fourth deal this year and second to reach more than $1 billion in AUM.
In describing the deal, Ryan Parker, CEO of $26.2 billion EP Wealth, said CornerCap would be a “great addition” to the firm with a commitment to client service.
“Their values align with ours, and the partnership creates an important Southeast hub as we continue on our path to becoming a single, nationwide RIA with extensive offerings and resources that allow our advisors across the country to provide a local, boutique experience for customers who rely on EP,” said Parker.
Tom Quinn founded CornerCap in 1989 and has worked in the Southeast region ever since. CEO Cannon Carr will become a regional director at EP Wealth, alongside Quinn and CornerCap senior vice president Richard Bean. Quinn will also remain on board as a senior wealth advisor.
Additionally, Jeff Moeller will join EP Wealth as director of quantitative research, along with Catharine Sanders, director of segment marketing. Following the acquisition, 12 additional team members will join EP.
EP Wealth is headquartered in Torrance, California, and has more than 36 offices in 13 states. It provides financial, tax and wealth planning and investment management for individuals and businesses.
In 2017, it sold a minority stake to Wealth Partners Capital Group (WPCG), a subsidiary of Affiliated Managers Group's wealth management division, which focuses on investing in growth RIAs (EP Wealth was one of WPCG's three partner firms at first, also including Forbes Family Trust and MAI Capital Management).
Since 2017, EP Wealth has closed 33 deals, including four this year. The biggest of the year it was Wacker Wealth Partnersa San Luis Obispo, California-based firm with approximately $1.2 billion in assets under management, serving 700 households and 27 institutional clients.
In total, 22 team members joined EP, including CEO Ryan Caldwell, who became regional director of Central California, and COO Bryan Krill, who became an associate regional director. According to EP Wealth co-founder Brian Parker (no relation to CEO Ryan Parker), the firm wanted a presence on the Central Coast of the Golden State and felt fortunate to find Wacker, as there were few firms in that region.
In July, EP Wealth acquired Sloan Investment Managementa $700 million Dallas-based firm (founder Frank Sloan became partner and regional director of EP Wealth, along with Casey Conway and James Henry as senior vice presidents and Shannen Smith as vice president. Support staff all remained in place) . The deal brought the Dallas-based EP's AUM to over $1 billion, according to the firm.
last november the firm hired Acrisure alumnus Kyle Miller as first managing director and head of M&A. PE property also hired Megan Glover as its first chief of the people. She came from Los Angeles-based SMBC MANUBANK, where she served as managing director and head of human resources.