Mesirow, a Chicago-based, 100% employee-owned financial services firm that oversees more than $250 billion across three major lines of business, has named Brian Price as CEO of its wealth management business. Price has served as the division's interim CEO since November 2022.
Since then, Price has overseen the growth of more than $1.5 billion in assets and the introduction of an acquisition strategy. He orchestrated purchase from the firm of Front Barnett Associatesa local RIA with about $1.2 billion in client assets, in September.
Price joined Mesirow in 2006 and previously served as president and COO of investment banking and head of advisory services. In the official title, he continues to be responsible for the strategy and growth as well as market positioning of the private wealth business, which currently represents more than $10 billion in client assets. He is also a member of Mesirow's board of directors.
“Over the past year, under Brian's leadership, our offering to clients has expanded through new capabilities and the acquisition of Front Barnett, a leading RIA,” Mesirow CEO Natalie Brown said in a statement. “We look forward to continued organic growth and continued momentum through potential future acquisitions and strategic hires under Brian's leadership.”
At the time of Front Barnett's purchase, Price said Wealthmanagement.com he hoped the deal would be the first of many and said the firm was in talks with “several” potential targets but that no additional announcements were expected in the first quarter of 2024.
The firm is looking to acquire practices in specific geographic areas, including Florida, California, Arizona, Nashville and the Midwest, and that have between $150 million and $1.5 billion in client assets.
“We'll sometimes go smaller or bigger, depending on the team, culture and strategy of the firm we're looking at,” Price said.
The focus is on outright acquisitions, but Mesirow is open to making minority investments in firms that are a cultural fit. The deals tend to be all cash, but each employee is given an opportunity to buy equity, and Price said 100% of the voting stock is owned by the firm's employees.
There is no specific growth target, and Price does not anticipate seeking outside funding in the near term, but did not rule out the eventuality.
“We are working to add new services and technologies to our customers,” he said in an interview Wednesday. For example, the firm added an estate planning specialist in December.
“The way we approach innovation is fundamentally about trying to identify all the services that our clients will need as they move through life. That's what led us to add this estate planning support – really enhancing the capabilities we currently have and we” Will continue to do so with tax planning support, investment research and client reporting.”
Founded by Norman Mesirow as a wealth management shop in 1937, Mesirow Financial Holdings now includes wealth management and global investment management businesses, as well as capital markets and investment banking. The firm has 17 offices in the continental US and locations in Puerto Rico, London and Hong Kong.