Lucia Capital Group is buying the managed equity and fixed income accounts of West Coast Asset Management.
WCAM, headquartered in Santa Barbara, California, is an investment adviser that focuses on providing equity, fixed income and alternative asset management services to high-net-worth investors, including institutions, retirement plans and charitable foundations. Terms of the deal were not disclosed.
Lance Helfer, WCAM president, and Atticus Lowe, WCAM CFA, will join Lucia.
The move is part of Lucia's growth plan, which includes making strategic acquisitions. The deal gives Lucia 17 offices nationwide.
San Diego-based Lucia provides financial services through Lucia Securities LLC, Lucia Wealth Services and Lucia Capital Management LLC. The company provides wealth advisory services, including asset management, investment platform management and product origination. Lucia's advisers oversee about $2.3 billion in fee-based, brokerage, fixed insurance and variable insurance assets.
Other wealth management mergers have taken place recently. In May, North Street Global Fund Services purchased Los Angeles hedge fund administrator Hedge Solutions Inc., and before that in, March, Affiliated Managers Group Inc. agreed to buy River Road Asset Management LLC.