Kestra Monetary’s present Wealth Administration Head John Amore will turn into the agency’s president beginning in April. He’ll succeed present president Stephen Langlois, who’ll stay on workers as a senior advisor via the tip of the yr earlier than retiring.
Austin-based Kestra advises about $103 billion in property and assists about 1,700 unbiased monetary advisors. In keeping with Amore, Kestra’s advisors can “anticipate the identical stage of empowerment” they’d underneath Langlois’ tenure.
“I’m looking forward to the chance to construct on Stephen’s nice management, persevering with to assist the wants of our advisors together with their skill to function as full wealth managers,” Amore stated.
Earlier than becoming a member of Kestra in 2019, Amore spent greater than 14 years with UBS, ultimately turning into a managing director and main the agency’s wealth administration enterprise within the U.S., Switzerland and Latin America, based on his LinkedIn profile.
Below his tenure, Kestra’s wealth administration capabilities included portfolio building, funding product growth, advisory companies, monetary and retirement planning, and different investments.
In an announcement, Langlois stated he was assured in Kestra’s future and excited to remain in an advisory function via 2025 to make sure a seamless transition.
“Whereas this marks the tip of a private chapter, Kestra Monetary is in the beginning of a brand new one, with fast progress forward,” Langlois stated. “The care and dedication to excellence John and his wealth administration group have proven during the last 5 years is actually outstanding, and I do know he’ll carry the identical care to his new place.”
Kestra Monetary contains Kestra Non-public Wealth Companies and Kestra Advisory Companies (its funding advisory sub-divisions), in addition to Kestra Funding Companies, its dealer/seller subsidiary. Kestra is a part of the broader Kestra Holdings firm.
Kestra recapitalized final autumn, with the non-public fairness agency Stone Level Capital turning into the agency’s majority stakeholder for the second time. Stone Level initially took a majority curiosity in Kestra in 2016 (when it rebranded to its present moniker from its earlier title, NFP Advisor Companies).
Nonetheless, Stone Level transitioned to a minority stake within the firm in 2019 when non-public fairness agency Warburg Pincus turned the bulk proprietor. PE agency Oak Hill Capital took over Stone Level’s minority stake in 2022. Final October, Stone Capital re-purchased its majority curiosity from Warburg Pincus, who exited its stake (Oak Hill Capital retained its minority curiosity post-recapitalization).
The deal was anticipated to shut on this yr’s first quarter however wasn’t anticipated to influence Kestra workers, advisors or operations, with no consumer account repapering. Stone Level’s capital would go towards recruiting efforts, service and know-how platforms, and Bluespring Wealth Companions, Kestra Monetary’s acquisition enterprise.
Final week, Kestra Non-public Wealth Companies added the $400 million Campus Non-public Wealth to its platform. The Arlington, Va.-based agency focuses on generational wealth methods for high- and ultra-high-net-worth buyers. In December, the agency added a $427 million Northwest Ohio-based agency beforehand affiliated with Edward Jones.
