NewEdge Wealth Expands to Minnesota with $1.2B UBS Team
NewEdge Wealth, a division of NewEdge Capital Group, has opened its first office in Minnesota by acquiring an eight-person team from UBS that previously managed $1.25 billion in client assets. The new location is based in Wayzata and marks the firm's 22nd national expansion. Managing Director James Shafer and Principal Michael Block led the transition after long tenures at UBS, bringing extensive experience in wealth management for affluent clients. The team specializes in multi-generational planning and tax-efficient strategies, aiming to strengthen NewEdge Wealth’s presence in the Midwest. The firm has been expanding rapidly across multiple states, including Tennessee, Georgia, Houston, and Ohio. In August alone, it added a $2.2 billion client asset team from AllianceBernstein's private wealth management division. NewEdge Capital Group is owned by EdgeCo Holdings, which is majority-owned by Parthenon Capital. The firm continues to grow through strategic acquisitions of experienced teams while maintaining its focus on high-net-worth clients.
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Topics: advisory team acquisition expansion wealth management