Constellation Wealth Capital has staked its newest agency: Procyon Companions, an $8 billion RIA based mostly in Connecticut and a part of the Dynasty Monetary Companions community.
Procyon CEO and Co-Founder Phil Fiore stated in an announcement that the deal was a “transformative second” for the agency.
Constellation Wealth Capital “shares our dedication to client-first values, innovation and long-term partnership,” he stated. “With their assist, we’re positioned to speed up our progress whereas persevering with to ship the distinctive, unbiased recommendation our shoppers have come to belief.”
The minority funding from Constellation, a non-public fairness agency based by former Emigrant Companions CEO Karl Heckenberg, will assist Procyon broaden its expertise pool and open new places of work in key markets nationwide.
“Our focus has at all times been up and down the Japanese Seaboard,” Fiore instructed WealthManagement.com. “Nonetheless, we predict areas like Nashville, Chicago, Ohio and Texas are unimaginable geographies the place we’d be silly to not take into account hanging a flag, as there’s some nice expertise within the unbiased house and within the wirehouses in these areas!”
Procyon Companions will stay independently operated after the deal, with continued assist from Dynasty. Dynasty’s Funding Financial institution supported Procyon’s administration staff throughout the deal, whereas Houlihan Lokey acted as Procyon’s funding banking advisor.
The agency has places of work in Connecticut, New York Metropolis, Lengthy Island, N.Y., Tennessee and Maryland, specializing in institutional retirement consulting and personal wealth administration. The Constellation funding will even broaden the
Fiore co-founded Procyon in 2017 with Dynasty’s help. Earlier than going unbiased, Fiore had constructed outstanding institutional consulting teams at Merrill Lynch and UBS. A staff of UBS advisors, together with Fiore, Jeff Farrar, Lou Gloria, Tom Gahan and Christ Foster, fashioned Procyon’s preliminary core.
In December, the agency employed Wealthy Franchella as a senior vp of enterprise growth to assist velocity recruiting advisors in personal wealth, institutional consulting, tax and threat administration (Franchella was beforehand an advisor recruiter at Baird).
Earlier this yr, Procyon employed Mark Sullivan from UBS as a senior vp and senior personal wealth advisor in its Connecticut location. He managed $800 million in shopper belongings and specialised in working with first-generation entrepreneurs.
Heckenberg based Constellation Wealth in late 2023, aiming to take minority stakes in rising wealth administration companies nationwide. Since forming, Constellation has made eight investments, together with its first in AlphaCore Wealth Advisory and AITi Tiedemann International, Avior Wealth Administration, CV Advisors, Lido Advisors, Perigon Wealth Administration, and Requisite Capital Administration.
Late final yr, the agency took a minority stake in Cresset Asset Administration, investing $150 million, representing lower than 10% of Cresset’s whole fairness. In December, the agency additionally closed its inaugural fund with greater than $1 billion in capital commitments. The Capital Fund companions included insurance coverage firms, endowments, foundations, asset managers, and fund-of-funds.
