RedBird Capital Partners-backed Arax Partners buying $3bn advisory firm

Sep 14, 2023 | News

Ashton Thomas Private Wealth, a leading diversified financial advisory firm that specializes in advising affluent individuals and families, foundations, and business entities, announced that it has entered into a definitive agreement to join Arax Investment Partners , RedBird Capital Partners’ wealth management platform company. Terms of the agreement were not disclosed.

“This relationship marks an important milestone in the growth story of Ashton Thomas,” stated Ashton Thomas founder and CEO, Aaron Brodt. “We built this firm to meet the increasingly complex needs of elite wealth advisors and their clients and have a history of attracting top talent across the financial services spectrum. Haig’s vision and values match our own, and Arax’s unique and differentiated platform provides our advisors the ability to scale, while retaining an independent and entrepreneurial culture. We are pleased to join forces with Arax, backed by RedBird’s extensive track record of scaling financial platforms and M&A expertise.”

Ashton Thomas was founded in 2010 and has grown into an award-winning registered investment adviser firm with twelve offices in seven states. The firm’s advisors serve affluent individuals and families, foundations, and business entities, through fee-based financial planning and investment portfolio management, tax consulting, retirement plan consulting, and related financial education programs.

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“We are pleased to welcome Ashton Thomas and its distinguished team to Arax’s platform. Ashton Thomas’ client focus, leadership, and ambition match our vision for capitalizing on the opportunities in the fragmented wealth management space,” said Haig Ariyan, CEO of Arax. “Arax is an attractive partner for top-tier wealth managers and advisors who want to scale their businesses with a supportive partner and improve their client offerings, retention, and growth.”

“I am pleased to see Ashton Thomas join forces with Arax,” added Ron Shurts, CEO and Co-Founder of Annexus and Co-Founder of Amplify Technology.” Backed by RedBird’s depth in M&A and experiences scaling businesses successfully, this relationship puts Ashton Thomas in a unique position within the wealth management industry. Arax’s leadership understands how to build great companies, and Ashton Thomas now has the ability to leverage what they do best, elevate the game for top advisors.” Mr. Shurts has been appointed to the Ashton Thomas Advisory Board.

“Arax’s leadership team is drawn from the best of the wealth management business and RedBird’s experience and track record of driving value creation in financial services provides our platform with a differentiated growth advantage,” continued Mr. Ariyan. “Arax will stay focused on partnering with wealth management platforms that are best suited to supporting the profession’s top financial advisor teams and advisory firms.”

Ashton Thomas will continue to be led by Aaron Brodt as CEO. Haig Ariyan will serve as Chairman.

Houlihan Lokey served as exclusive financial advisor to Ashton Thomas on this transaction.

Source: Yahoo! Finance

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