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 companies, together with technique and model improvement, with the objective of driving income progress for its RIA companions.
Ling was principally just lately a managing director at Corsair Capital, a personal fairness agency targeted on the monetary companies area. Previous to that, he labored at Lightyear Capital and JPMorgan.
At Rise, he’ll use his expertise managing transactions and contacts within the business to assist potential companions execute their very own mergers and acquisitions. He’ll additionally work with accomplice companies to drive follow-on M&A, together with constructing finance features and technique.
Final September, Duran, who offered 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 assets to assist them change into nationwide RIA platforms with $10 billion or extra in belongings.
In February, the agency stated it raised $250 million in funding from its administration crew and Charlesbank Capital Companions, the middle-market non-public fairness agency that additionally backs Lido Advisors. Charlesbank will take a majority stake within the new firm.
Duran has been constructing out his administration crew over the past a number of months. In October, he introduced on Terri Kallsen as managing accomplice and head of the working partnership crew. 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 companies fill gaps of their current know-how and working platforms.
Rise Progress is one of some new companies targeted on taking minority stakes in RIAs. Karl Heckenberg, the previous CEO of Emigrant Companions, launched his non-public fairness firm, Constellation Wealth Capital, on the finish of 2023, taking stakes in seven companies 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 belongings and assist these companies develop. Working with Mark Penske, founder and chairman of United Atlantic Capital and son of legendary race automotive driver and crew proprietor Roger Penske, Elevation Level acquired Mount Yale Capital Group, an RIA and Outsourced Chief Funding Officer with $3.4 billion in belongings beneath administration, to construct the agency’s infrastructure.
