Wealthspire Division Buys London Wealth Firm Atlantic Swiss
Ground Control Business Management, a division of Wealthspire focused on the entertainment and sports market, has acquired Atlantic Swiss, a London-based wealth management firm with over $1 billion in assets under management and administration.
The deal adds to Ground Control’s existing business in the United Kingdom, with offices in London and the Midlands. It will also add to Wealthspire’s Sports & Entertainment practice, launched earlier this month. Atlantic Swiss has become a top advisor and family office for individuals in the entertainment, media and sports industries.
The firm has a “family CFO” approach, which integrates financial planning and investment management.
Craig Bell, founding partner and CEO of Atlantic Swiss, will remain president of the firm, which employs more than 20 people, eight of whom are advisors. He’ll work alongside Nick Parkinson, who serves as president of Ground Control’s U.K. division.
Wealthspire used Berkshire Global Advisors to advise on the deal.
Wealthspire CEO Mike LaMena and senior executives have been reshaping the firm after its acquisition by private equity firm Madison Dearborn Partners last year. In March, the RIA launched a dedicated family office division to focus on upper-high-net-worth clients. That division came out of the gate with a client base of 300 families and $50 billion in assets under management.
Several U.S.-headquartered RIAs have been expanding globally. Earlier this year, Creative Planning completed its first international acquisition with Baseline Wealth Management, which has locations in Geneva and Zurich, 14 employees, and more than $1 billion in AUM. And last year, Miami-based Corient expanded into Europe to drive growth by acquiring two U.K.-based wealth managers overseeing a combined $214 billion in assets.
