NewEdge Wealth, a $16.5 billion registered investment adviser owned by NewEdge Capital Group, added two spinoffs on Friday, including a South Florida-based team from Merrill Lynch and a Pennsylvania team from Morgan Stanley.
NewEdge Wealth creates its third location in Florida with the addition of an eight-person team from Merrill, enhancing the RIA's ability to work with Delray Beach, Boca Raton and Palm Beach Garden clients. Previously, they were part of a team that managed $1.3 billion in assets, according to a Forbes.com 2024 analysis of the nation's top wealth management teams.
Partners Blaine Minton and Kirsten Tuzzo will lead the Florida-based firm. They are joined by Scott Graver, director of wealth strategy; Sebin Skaria, vice president, investment solutions; Customer Service Associates Maria Maloney and Diane McClung; Customer Service Analyst Kelsey Navickas; and Austin Tuzzo, an investment solutions analyst and son of Kirsten Tuzzo.
Minton has over 25 years in the industry, with previous stints as a managing director at Merrill and a senior vice president at Morgan Stanley. Tuzzo has worked in the industry for more than three decades, including portfolio management for the Rockefeller Foundation. In addition to being a managing director at Merrill, she was a director of portfolio management at Morgan Stanley with other positions at JPMorgan Chase and Bank of America.
In addition, a four-person team in Allentown, Pa., is moving to NewEdge from Morgan Stanley. According to the same Forbes.com analysis, the team managed about $514 million in wire. They have chosen Goldman Sachs Custody Solutions as their custodian.
The Allentown team is led by Paul Emrick, a principal at the firm, and includes Vice President and Portfolio Strategist Matt Mongon and associates Monica Dougherty and Nathan Emrick (Paul Emrick's son). Advisors specialize in very high net worth families, family offices and institutional clients.
Emrick, who led a private wealth management team at Morgan Stanley for more than a decade, also previously held senior roles at JP Morgan Private Bank and MFP Strategies. Prior to his career in financial services, he was commissioned through the Army ROTC program at West Chester University and served on active duty in the US Army as a field artillery officer, primarily with the 3rd Infantry Division in Germany.
Mongon joined Morgan Stanley in 2018 after a senior position managing Lehigh University's $1.6 billion endowment fund. He also previously worked at MFP Strategies.
The NewEdge Wealth Allentown, Penn. the team.
NewEdge Wealth has 13 offices, including those in Atlanta, Nashville and San Francisco. The firm was launched in 2020 and is part of NewEdge Capital's broader ecosystem of two RIAs and a broker/dealer. NewEdge Wealth works primarily with very high net worth families with $25 million or more in assets, while NewEdge Advisors operates as a more conventional independent channel.
in February, NewEdge Capital Co-Managing Partner Alex Goss told WealthManagement.com the company was planning to “step up” its M&A activity after building its infrastructure to accommodate faster integrations.
“You will see an increase in M&A activity, but not necessarily because we are finally hitting our stride,” he said. “That's because we deliberately made sure that we would be ready for that volume that we knocked on our door to integrate in an effective way.”
Since then, NewEdge has brought in multiple firms, with the entire company recruiting advisors with almost $5.5 billion in assets this year alone. In June, NewEdge Advisors acquired several teams, including a $540 million Michigan-based team from the Carson Group AND a $580 million team in Texas from JP Morgan.