M and A
Deals Of The Day: The Latest In Wealth Management M&A – Summit, Prostatis
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Summit, Prostatis
US group Summit
Financial Holdings has made a “strategic investment” into an
RIA, Prostatis
Financial Advisors Group.
The stake – undertaken via Summit Growth Partners – a subsidiary,
is a minority non-controlling stake. Its financial size wasn’t
disclosed. It mixes upfront cash monetization with equity
participation and exclusive partnership privileges.
Majority-owned and operated by Michael Canet, Prostatis has
expanded its presence with offices in Florida and Maryland. It
has more than $310 million of assets under management.
Canet has developed what he calls his “Savvy Investor Retirement
Summary” program. He also explains financial planning ideas on
The Savvy Investor radio show in Baltimore and on his
nationally syndicated podcast.
In December 2022, Summit appointed former CAPTRUST chief
investment officer Kevin Barry in the same role.