Mesirow, a Chicago-based, 100% employee-owned financial services firm that oversees more than $288 billion across three major lines of business, has acquired Price Wealth Management, a $235 million advisory practice in Stuart, Fla.
Price Wealth Management was founded by CEO Craig Price and his father, Gary, who has since retired. She was most recently associated with Naples Wealth Planning and Imprint Wealth. Craig has become a Mesirow Wealth Advisor and is joined by Nancy Zehr, Client Relations Specialist.
A few years ago, Price was involved in a legal battle with his former employerUBS, which terminated him in 2016, alleging he had traded on non-public information. Price sued, claiming he was fired after talking about an elderly client's trust account being used by another broker and his girlfriend for personal expenses.
He also filed and won an arbitration claim against UBS for defamation after his firing, winning $650,000 in damages.
Price's team will have access to Mesirow's investment research and help grow their practice.
Mesirow intends to increase its headcount in the wealth management business over the next two to three years, with a focus on Florida's West Coast. In the long term, the firm hopes to expand throughout the Southeast region through acquisitions and acquisitions.
The firm is focused 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 100% of the voting stock is owned by the firm's employees.
in March, Mesirow nominated Brian Price as the CEO of the wealth management business. He had been serving as the division's interim CEO since November 2022.
The wealth business currently accounts for more than $11.4 billion in assets under management and advice.
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.