Elevation Point, a minority investor in independent and breakaway advisors launched last year by former Sanctuary Wealth CEO Jim Dickson, has taken a minority stake in Loxahatchee Capital, a Tequesta, Fla.-based multi-family office with $1.4 billion in assets. The seven-member team most recently operated as the 440 Group within UBS’s private wealth management division.
The team is led by Andrew Plum, managing partner and head of the investment committee, and Thomas Cullen, partner and senior portfolio manager, who were previously with UBS for 15 and 14 years, respectively. They provided investment management, financing and planning to high-profile families and charitable institutions in 31 states, with a focus on clients with more than $10 million in assets.
“Our ongoing, customized support will give them the opportunity to manage more wealth in the South Florida region over the long term and seamlessly maintain their impressive multigenerational relationships,” said Brad Smithy, founding partner and head of wealth management at Elevation Point, in a statement. “This is the type of ‘elevation’ we can enable for practices across the country.”
In a statement, Plum said his team had wanted to offer clients a broader set of capabilities than what a single bank affiliation could offer.
“We have nothing but great feelings towards our last 15 years at our prior firm, but very frequently there were either deals or investments or lending products or maybe structured notes that just weren’t available inside of that firm’s system,” he said. “And when you are an employee of a bank, your options are limited in terms of counterparties you can use and bringing other bank solutions to bear for clients. … This really puts us in a position to sit between the major financial institutions and right next to our clients and be able to pull best-of-breed products from any institution.”
Plum said his team looked at many options during the 14-month due diligence process, including traditional wirehouses and independent firms.
“What we found was that both the Elevation Point model of taking a minority equity interest in our new firm, allowing us to build out state-of-the-art technology, to fully remodel a 6,300 square-foot standalone building in a customized way for the needs of our team and our clients, and help us through that early period as we’re getting the business back ramped up—that was a huge plus in the Elevation Point column.”
The firm will use BNY Mellon Pershing for custody, and Goldman Sachs’s research capabilities.
Elevation Point recently expanded its existing partnership with Goldman Sachs, giving advisors access to banking, lending, trading, asset management and capital markets capabilities. In addition, Goldman is now its primary custodian.
The launch of Loxahatchee Capital follows news in July that Elevation Point took a minority stake in Waycrest Wealth, a newly established RIA with about $1 billion in client assets in Southfield, Mich., out of Raymond James.
In June, Elevation Point invested in a team advisors from UBS that started Family Offices Partners in Lafayette, La. It was the first deal since Elevation Point sold a minority stake to Emigrant Partners in May and its first in the breakaway space. While Emigrant Partners and Elevation Point have similar business models, the investment gave Emigrant exposure to the breakaway advisor market.
In the 15 months since inception, Elevation Point has closed nine deals with independent RIAs with a combined $9.6 billion in client assets.
Elevation Point was launched in June 2024 with the goal of taking minority stakes in RIAs with $200 million to $3 billion in client assets and helping those firms grow. Elevation Point is neither an aggregator nor a turnaround shop but rather an “accelerator,” partnering with advisors to help them recognize and enhance their unique value propositions and grow by removing operational constraints, Dickson said.
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