August 2025 RIA Heat-Map: 10 U.S. Moves Every Capital-Raiser Should Track

August 2025 saw 26 U.S. RIA deals totaling $40.9 billion in AUM, cooling off from July’s frenetic 32 deals and $57.1 billion. But the month was far from quiet – mega-mergers, breakaways, and new capital infusions continued to rewire who controls high-net-worth allocations. Private equity and even sovereign wealth capital drove consolidation, while wirehouse teams struck out on their own rails with big-name custodians.

Below we highlight the 10 U.S.-based RIA moves in August that matter most for fund managers and allocators.

1. MAI Capital Management to acquire Evoke Advisors — ~$27.7 B AUM (Los Angeles)

Galway Holdings-backed MAI Capital (~$29.6 B AUM) agreed to acquire Evoke Advisors, a Los Angeles RIA managing $27.7 B. The combination creates a national UHNW platform approaching $60 B across 30+ offices.

2. Mubadala Capital takes CI Financial private — C$12.1 B deal (~$8.8 B)

In a landmark take-private transaction, Abu Dhabi’s Mubadala Capital acquired all shares of CI Financial in a deal valuing the firm at ~C$12.1 B. CI’s U.S. arm Corient will continue expanding with Mubadala’s backing.

3. SageView Advisory Group buys Capital Strategies (CAP STRAT) — $25 B AUA + $750 M AUM

Aquiline Capital-backed SageView acquired CAP STRAT, adding $24 B in retirement plan AUA and $750 M in private wealth AUM.

4. EP Wealth Advisors preps outside capital raise — $36.4 B AUM

EP Wealth engaged investment banks to raise new equity, with Berkshire Partners expected to remain invested.

5. Mariner Wealth Advisors continues M&A spree — ~$1.7 B AUA added + eyes $5 B

Mariner announced acquisitions of Forté Capital (Rochester, NY; ~$1.45 B AUA) and Ultra Financial Partners (Scottsdale, AZ; ~$95 M AUA). Reports also suggest Mariner is eyeing Southeastern Advisory Services with $5 B AUA.

6. Merchant Investment Management takes multiple stakes — $11 B trust co + $4.2 B & $2.2 B RIAs

Merchant invested in Sterling Trustees (SD, $11 B trust assets), Meridian Wealth Management (KY, $4.2 B AUM), and Validus Capital (CA, $2.2 B AUM).

7. Morgan Stanley/Merrill team breaks away as Longleaf Capital Group — $2 B+ AUM (Alabama)

A coalition of wirehouse veterans launched Longleaf Capital with $2 B+ AUM, affiliating with Arkadios Capital and custodied by Fidelity.

8. UBS duo launches Dial Square Private Wealth via Sanctuary — ~$1.2 B AUM (California)

Advisors James Chiate and Anthony Guinane launched Dial Square in Irvine, CA with ~$1.2 B AUM, affiliating with Sanctuary Wealth and using Schwab + Goldman Sachs custody.

9. Aspen Standard Wealth expands with MG Financial — ~$1.1 B AUM (Massachusetts)

Aspen Standard, backed by Alpine Investors, acquired MG Financial, a $1.1 B RIA serving entrepreneurs and family offices.

10. Merit Financial Advisors acquires Global Wealth Advisors — $860 M AUM (Texas)

Merit acquired Global Wealth Advisors, an $860 M RIA with 16 staff across multiple states.

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For fund managers and allocators, the RIA channel is one of the most fragmented yet fastest-consolidating markets. Altss keeps you ahead with:

• Real-time coverage of RIA M&A, breakaways, and recapitalizations
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