$2.7B Angeles Wealth Makes First Acquisition to Seed Family Office Division

Core Insights - Angeles Wealth Management has made its first acquisition by purchasing XO Capital, which will lead to the establishment of Angeles Family Office, aimed at affluent families [1][2] - The new family office division will be led by XO Capital's founder Adam Stern as CEO and Jason Oclaray as president [2] - The acquisition is part of Angeles Wealth's strategy to combine XO's family office expertise with its existing wealth management services [3][4] Company Developments - Angeles Wealth Management, based in Santa Monica, California, manages $2.7 billion in assets and is focusing on expanding its services through this acquisition [1] - XO Capital, founded in 2021, had approximately $186 million in client assets at the time of the acquisition [4] - The new family office will provide a range of services including investment management, tax and legal advice, customized financial reporting, and cash-flow management for families with assets in the hundreds of millions [5] Market Context - There is a growing demand for family office services among wealthy families, particularly those facing complex financial issues [4][6] - Other registered investment advisors (RIAs) are also moving to establish dedicated family office divisions or acquire expertise in this area to cater to multi-generational wealth [7] - Recent examples include Prime Capital Financial launching a family office division through acquisition and CI Financial's Corient acquiring a multi-family office [7]