Arax Acquires $1.5B Cleveland RIA Led by Carina Diamond

Core Insights - Arax Investment Partners has acquired GFP Private Wealth, which has $1.5 billion in assets under management (AUM) [2][3] - The acquisition aims to expand Arax's presence in the Midwest and facilitate GFP's next growth phase [3][4] - GFP, founded in 1978, was Ohio's first wholly woman-owned registered investment advisor (RIA) and has evolved from a single-family office to serving high-net-worth families and institutional investors [4] Company Developments - GFP will operate under Arax Advisory Partners, which focuses on specialized services for institutions, high-net-worth families, and elite athletes [3][4] - CEO Carina Diamond, who joined GFP in 2024, emphasizes the partnership with Arax as a means to enhance client service and infrastructure [4] - Arax's acquisition strategy includes integrating independent RIAs that maintain their own operational structures, as seen with previous acquisitions like Ashton Thomas Private Wealth [5] Acquisition Strategy - Arax has been actively acquiring larger RIAs, including Summit Wealth Strategies with $1 billion in assets and Cedrus Financial, also valued at $1 billion [6] - The firm is part of a multi-boutique strategy, allowing for diverse operational independence among acquired firms [5] - RedBird Capital Partners, Arax's private equity owner, has a diverse investment portfolio that includes interests in sports and media [7]