Rise Progress Companions, the RIA investing firm launched by former United Capital CEO Joe Duran, has added Jennifer Geoghegan as its chief advertising officer and Tony Ling as managing accomplice, investments.
Geoghegan joins from Circle Wealth Administration, a Summit, N.J. registered funding advisor, the place she was chief working officer. Previous to that, she served as the primary CMO at The Colony Group, a Focus Monetary Companions agency.
At Rise, she’ll oversee advertising actions for the broader group and its accomplice corporations, together with technique and model improvement, with the aim of driving income progress for its RIA companions.
Ling was principally just lately a managing director at Corsair Capital, a non-public fairness agency targeted on the monetary providers house. Previous to that, he labored at Lightyear Capital and JPMorgan.
At Rise, he’ll use his expertise managing transactions and contacts within the trade to assist potential companions execute their very own mergers and acquisitions. He’ll additionally work with accomplice corporations to drive follow-on M&A, together with constructing finance features and technique.
Final September, Duran, who bought his firm, United Capital, to Goldman Sachs in 2019, revealed particulars about his new enterprise. Rise Progress will purchase a roughly 30% stake in next-generation RIAs with between $1 billion and $7 billion in AUM. In alternate, it will present progress capital and sources to assist them turn into nationwide RIA platforms with $10 billion or extra in property.
In February, the agency stated it raised $250 million in funding from its administration group and Charlesbank Capital Companions, the middle-market personal fairness agency that additionally backs Lido Advisors. Charlesbank will take a majority stake within the new firm.
Duran has been constructing out his administration group over the past a number of months. In October, he introduced on Terri Kallsen as managing accomplice and head of the working partnership group. In April, the agency employed Stacy Coffey, a former senior vp of wealth methods at Wealth Enhancement Group, as managing director and head of advisory partnerships. He additionally snagged Will Armenta, a co-founder of Opto Investments, earlier this yr, as managing director, who’s working alongside Brian Shenson, managing accomplice and COO, to assist corporations fill gaps of their present know-how and working platforms.
Rise Progress is one of some new corporations targeted on taking minority stakes in RIAs. Karl Heckenberg, the previous CEO of Emigrant Companions, launched his personal fairness firm, Constellation Wealth Capital, on the finish of 2023, taking stakes in seven corporations so far.
Simply this week, Jim Dickson, founder and former CEO of Sanctuary Wealth, introduced the launch of Elevation Level, an funding agency he says will take minority stakes in RIAs with $200 million to $3 billion in shopper property and assist these corporations develop. Working with Mark Penske, founder and chairman of United Atlantic Capital and son of legendary race automotive driver and group proprietor Roger Penske, Elevation Level acquired Mount Yale Capital Group, an RIA and Outsourced Chief Funding Officer with $3.4 billion in property beneath administration, to construct the agency’s infrastructure.
