Summit Financial Holdings, through Summit Growth Partners (SGP), has acquired a minority, non-controlling stake in Kandor Global, a Miami-based RIA and multifamily office serving ultra-high-net-worth clients worldwide, the companies announced in a news release.
“With all the disruption that has taken place in the international wealth management space, we’ve been looking for the right firm to invest in and partner with that could deliver a truly differentiated and customized suite of services and solutions to advisors who cater to international clients,” Stan Gregor, CEO of Summit Financial Holdings, said in the news release. “We were very impressed with Kandor Global’s leadership team and are excited about our partnership.”
Financial details of the transaction were not disclosed.
Mark Grandstaff, a senior account executive for Gregory FCA and spokesman for Summit, told Financial Advisor in an email that Kandor has $450 million in client assets under management (AUM).
The firm is SGP’s 13th investment partner, and its first serving an international clientele, the news release said.
Led by CEO Guillermo Vernet, Kandor Global focuses on serving ultra-high-net-worth Latin American entrepreneurs and families living in their home country or domiciled in the U.S., by providing investment advisory solutions, customized reporting and complex estate planning services, the release said.
“We are seeing more and more highly successful Latin American entrepreneurs and families flock to the U.S. to expand their businesses and their wealth,” Vernet said in the news release. “We have the experience and resources through Summit Growth Partners to serve this specific subset of clients at the highest level and address their unique financial needs.”
Created by Summit Financial Holdings and Merchant Investment Management, SGP is a custom capital solution that combines cash monetization with equity participation, as well as exclusive partnership privileges, the release said.
As an SGP partner, Kandor Global will leverage Summit's management expertise, access to growth capital, and comprehensive platform of financial, estate, and tax planning resources that include support and customized investment management.
Founded in 1982, Summit Financial is an independent financial services firm headquartered in Parsippany, N.J.
