News

Mesirow Expands Wealth Management Business with Front Barnett Acquisition

James L. Flint

• September 19, 2023

Mesirow, a prominent financial-services company headquartered in Chicago, has announced its plans to acquire Front Barnett, a registered investment advisor specializing in managing assets for wealthy clients. With $1.2 billion in assets under management, Front Barnett's expertise will bolster Mesirow's already impressive $256 billion assets across its various business lines, which include investment management and investment banking.

Mesirow's wealth management unit has also made waves, securing a spot on the prestigious 2023 list of top RIAs, ranking at No. 48. As part of the acquisition agreement, Front Barnett will operate as a distinct platform within Mesirow's broader wealth management offering, maintaining its own branding and leadership structure while being recognized as "a Mesirow company" following the deal's closure.

Natalie Brown, CEO of Mesirow, expressed her enthusiasm for the new addition, stating that it will complement the company's current service portfolio and align well with their commitment to comprehensive, individualized financial planning. All nine members of the Front Barnett team will join Mesirow through the transaction, ensuring a smooth transition.

One of the notable benefits that Mesirow expects to gain from this acquisition is access to Front Barnett's actively managed equity and fixed-income strategies. These strategies involve direct ownership of equities, ETFs, and fixed-income securities. Brian Price, Mesirow's head of advisory services, believes that incorporating these strategies into their existing wealth management teams will enhance their ability to offer diversified investment approaches to their clients.

In essence, the introduction of the Front Barnett team as an independent platform within Mesirow is akin to expanding their research capabilities. By doing so, Mesirow advisors will have access to a wider range of expertise and resources, ultimately benefiting their clients' investment outcomes.

Front Barnett and Mesirow Combine Forces to Enhance Investment Strategies

Front Barnett, an independent investment firm, is set to maintain its distinctive investment structure and client service despite joining forces with Mesirow. Both companies, based in Chicago, have reputable research teams and will collaborate to explore new investment strategies and asset classes for their clients.

The acquisition marks a significant milestone for Mesirow's wealth management unit, as it is the first major addition of its kind. However, Mesirow's appetite for mergers and acquisitions remains strong, with a focus on partnering with Registered Investment Advisors (RIAs) that align with their culture, investment philosophy, and commitment to client service. While the ideal target firms would have assets ranging from $150 million to $1.5 billion, Mesirow remains open to opportunities of different sizes.

Expanding geographically is also a priority for Mesirow, particularly in Florida and other parts of the Southeast. Their goal is to complete another acquisition in the near future, taking them one step closer to building a stronger presence in the wealth management industry.