Clearstead Taps Board Head, Procyon Adds Investment Pros
Clearstead Taps Former First Republic Wealth President to Chair Board
Clearstead Advisors, a Cleveland-based registered investment advisor with more than $47 billion under advisement, has tapped Robert “Bob” Thornton as executive chairman and chairman of the board.
Thornton was formerly president of First Republic Bank Private Wealth Management and brings expertise in wealth management, mergers and acquisitions, advisor recruiting and investment banking.
During his 19 years at First Republic, he recruited over 150 investment advisors serving high-net-worth clients and boosted assets from less than $15 billion to over $250 billion. He also had stints at firms including Deutsche Bank, Lehman Brothers, Credit Suisse and Goldman Sachs.
“His national perspective, strategic vision, and leadership will be instrumental as we plan for our future and continue to grow our firm nationally,” said Clearstead President & CEO Brad Knapp in a statement.
Knapp took the lead job at Clearstead in December. The firm, which is backed by private equity firm Flexpoint Ford, made its first acquisition under his tenure in February.
In 2023, First Republic was seized by regulators after a run on deposits and was then acquired by JPMorgan Chase.
Procyon Hires Two to Enhance Investment Offerings
Procyon Partners, a Shelton, Conn.-based RIA overseeing $8 billion in client assets, has hired senior leaders to bolster its investment capabilities.
Massimo Santicchia will be the senior vice president and head of U.S. equities, and Katherine Gallagher will be the senior vice president and portfolio manager.
According to an announcement, Proycon, which is part of the Dynasty Financial Partners Network, made the hires to offer more advanced investment capabilities to clients. Santicchia and Gallagher join with more than a decade of experience developing portfolio investment strategies as a team.
Santicchia has more than 30 years of experience in quantitative investing, portfolio construction, and factor-based research. He has developed investment strategies for mutual funds, unit investment trusts, and separately managed accounts.
Gallagher specializes in multi-asset investing, asset allocation and manager selection, with 20 years of experience managing ETFs, mutual funds and proprietary equity strategies.
RIA Apella Wealth Adds $518M in AUM with Acquisition of Marrella Private Wealth
Apella Wealth, a West Hartford, Conn.-based registered investment advisor with $5.31 billion in assets under management, has acquired Wyomissing, Penn.-based Marrella Private Wealth.
The move adds $518 million in client assets along with lead managing directors and wealth advisors Samuel Marrella Sr. and Paul Marrella. The pair bring financial planning and investment management capabilities while expanding Apella’s presence in Pennsylvania.
The deal is Apella’s 21st since its founding in 2014 and the 10th since partnering with Wealth Partners Capital Group, a financial services holding company that invested in Apella in September 2021.
Marrella was represented by Derek Bruton of Gladstone Associates in the transaction.
$140M Advisor Team Leaves Truist for Janney in New Atlanta Office
A team of three advisors with Truist has left to start Duggan Faires Investment Partners in Atlanta with Janney Montgomery Scott. Glen Duggan, who has 28 years of experience in financial services, will join Janney as senior vice president of wealth management.
Randy Faires, who works with high-net-worth individuals and families, will join as vice president of investments. David Conrod, who has been in financial services for over 25 years, will be a senior registered private client associate.
The firm advises on $140 million in client assets and will operate from a recently opened Janney in Atlanta. The Philadelphia-based firm has more than 75 employees in the region.
Citizens Snags Southern California Advisor Team from Merrill
Citizens Financial Group, a bank and financial services firm based in Providence, R.I., has added a Newport, Calif.-based advisor team led by Wealth Manager Kris Reddaway. The team focuses on ultra-high-net-worth individuals, families and businesses.
Reddaway and his team, which previously managed about $900 million in client assets, left Merrill in the move, where Reddaway was a managing director in private wealth management for about five years. Reddaway is joined by Joseph A. DiBuono, senior investment specialist, and Dianna Vetter, senior client associate.
The move is part of Citizens’ continued effort to grow its wealth management capabilities in key markets. The Reddaway group will work with Citizens Private Banks in San Diego and Newport Beach.
AllianceBernstein CFO Jackie Marks Steps Down After One Year
Asset manager AllianceBernstein’s CFO has stepped down after about one year in the role, according to a March 12 filing with the Securities and Exchange Commission.
Thomas Simeone has been promoted to CFO from controller and chief accounting officer, a job he has held since 2023 after being with the firm for almost 20 years.
No reason was given for Mark’s departure, and Nashville, Tenn-based AllianceBernstein declined to comment beyond the filing.
That filing said that her leaving “is not related to any accounting or other dispute, and she will receive a standard severance package, which includes salary continuation for 6 months and a portion of her 2025 incentive compensation.”
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