Minneapolis-based Wealth Enhancement, which oversees more than $156 billion in client assets, has agreed to buy a practice that was managing more than $760 million at a New York City-based RIA.\u00a0<\/p>\n
The Shufro-Glass Group, which traces its roots to 1938, is led by Gregory D. Shufro and Stephen J. Glass, and includes three support staff. They are currently with Shuro Rose, an RIA that manages around $2.5 billion, according to its Form ADV.\u00a0<\/p>\n
Shufro, a former lawyer, joined the RIA in 2003 and became an owner in 2008. He is the third generation of his family at the firm, which was founded by his grandfather, Salwyn Shufro. The first Shufro counted comedian and actor Groucho Marx among his clients, according to a firm history<\/a>.\u00a0<\/p>\n Glass started at Shufro in 1988 and became an owner in 1997, according to federal filings. He said in an announcement that the growing demands of running an RIA led them to seek a larger partner.\u00a0<\/p>\n \u201cWhile building and managing our firm has been an important part of [our] journey, the increasing complexity of running an advisory business takes time away from serving clients,\u201d Glass said in a statement.<\/p>\n A spokesperson for Shufro Rose did not return a request for comment. There are three other groups at the RIA, according to its website.\u00a0<\/p>\n Shufro and Glass will receive equity in Wealth Enhancement as part of the deal. Specific terms of the transaction, which is set to close in August, were not disclosed.\u00a0<\/p>\n Wealth Enhancement is majority owned by private equity firms TA Associates and Onex Partners.<\/p>\n Consistently among the most active acquirers in the industry, Wealth Enhancement has so far this year announced at least seven acquisitions of practices with $9.5 billion in collective assets.\u00a0\u00a0<\/p>\n