EP Wealth Advisors Nabs Caves

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EP Wealth Advisors acquired Caves & Associates in Manhattan Beach, Calif., the independent registered investment advisor announced Tuesday.


This is the RIA’s fourth acquisition within 14 months. It acquired Donnelly Wealth Advisors in San Diego; Millie Capital Management in Walnut Creek, Calif.; and Private Capital Management Associates in San Mateo, Calif.


Preston Caves founded Caves & Associates in 1983. The independent RIA focuses on financial planning and wealth management, and manages more than $132 million in regulatory assets.


Caves said in a release that he chose EP Wealth “to increase our service offering, as well as provide a sound succession plan for our team’s leadership, so that our clients will continue to have stable, high-quality, independent financial advice for years to come.”


EP Wealth closed the $191 million acquisition of Caves & Associates on September 7. The firm is not disclosing financial and legal details of the transaction.


EP Wealth Advisors is a fee-only RIA in Torrance, Calif., providing financial planning and investment management services to businesses and individuals. It managed $4 billion in assets as of June 2018.


 

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