By Kenneth Corbin

Osaic, the consolidated wealth management giant that emerged from a network of broker-dealers, is making a major acquisition, buying CW Advisors, a Boston-based registered investment advisory firm managing $13.5 billion in client assets.

Through the deal, which is expected to close in the third quarter, CW will operate as its own entity, retain its branding, and continue to pursue its own acquisitions as part of its growth strategy. In March, CW announced the acquisition of two firms managing $1.4 billion in assets.

Osaic, which is a majority owned by Reverence Capital Partners, is buying CW from that firm's backer, Audax Private Equity. Osaic said this month that it advises on about $700 billion across its channels, with fee-based accounts approaching half of that total.

The acquisition furthers Osaic's efforts to build out its presence in different market segments and affiliation models. With CW, it will gain a 140-person team serving affluent clients across 17 offices, a substantial addition to its fee-only channel.

"CW Advisors brings tremendous strength in delivering an institutional-quality platform for fee-only RIA advisors at the upper tiers of the wealth spectrum," says Jamie Price, Osaic's president and CEO.

CW had been a frequent acquirer in the advisor space. Since July 2023, it has completed 10 acquisitions, according to Audax. "The pace and volume of growth have exceeded even our own expectation," says Jay Petricone, a managing director at the private-equity firm.

Osaic credited CW for its "outstanding track record of client service and growth," and noted that the firm is included in the referral networks of custodians Fidelity and Charles Schwab, "a compelling feature of its model that Osaic will continue to support and enhance."

For CW, the move promises to help relieve some of the back-office burdens of operating the business, while also tapping into resources such as Osaic's insurance and trust companies. Scott Dell'Orfano, CEO of CW, calls the transaction a "pivotal step forward" for his firm.

"This partnership provides us with access to permanent capital that aligns with our long-term vision and the needs of our clients and advisors," he says.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 17, 2025 14:02 ET (18:02 GMT)

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