Sequoia Financial Group has agreed to acquire Carlson Capital Management (CCM), a US-based investment advisory firm managing $3.8bn in client assets.
The financial terms of the transaction were not revealed.
Established in 1987, CCM offers integrated wealth management services, including investment, retirement, tax, estate, risk management, and philanthropic planning.
The firm serves around 1,300 clients, primarily in the Greater Minneapolis-St. Paul area, and employs 80 staff members, including 30 wealth advisers.
Following the closing of the deal, CCM co-founders Gregory Carlson and Jeffrey Carlson will assume roles as senior strategic advisers.
CEO Justin Stets will become executive vice president of Sequoia Financial integrated wealth services, reporting to CEO Tom Haught.
Stets said: “This strategic partnership is driven by our shared goal of enhancing value for our clients and enriching their lives through an impactful wealth management experience.
“By joining forces with Sequoia Financial, we are stronger together and will ensure continuity for our clients for generations to come.”
Through the acquisition, Sequoia Financial aims to expand its national presence, adding CCM’s four Minnesota locations in the Twin Cities, Hastings, Northfield, and Rochester. This will bring Sequoia Financial’s total number of offices to 34 across 19 states.
The deal also marks Sequoia Financial’s largest acquisition in terms of employee count and wealth advisers and will integrate CCM’s internal tax planning and preparation services into its offerings.
Haught said: “Under the leadership of Greg and Jeff, the CCM team has built an enduring firm over the past four decades. We are thrilled that they have put their trust in Sequoia Financial to work together to carry on their legacy of integrity and client-first service.”
For the deal, Faegre Drinker Biddle & Reath served as legal counsel while Turkey Hill Management acted as financial adviser to CCM. Benesch, Friedlander, Coplan & Aronoff provided legal advisory services to Sequoia Financial.
Subject to regulatory approvals, the transaction is expected to be completed on 31 March 2025.
Sequoia Financial is a US Securities and Exchange Commission (SEC)-registered wealth manager with $22.6bn in assets under management as of 31 December 2024.
Last month, the firm completed a partnership with accounting firm Eide Bailly, acquiring its wealth management practice, which added 22 employees and $1.6bn in assets.
Since 2023, Sequoia Financial has completed nine acquisitions, including Family Asset Management, Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
Sequoia Financial offers services tailored to clients across the wealth spectrum, including high-net-worth individuals and family offices.
In 2023, it launched Sequoia Sentinel to expand its family office services, covering asset management, tax planning, wealth transfer, asset transactions, and philanthropic planning.
