Berkshire Global Advisors Research
Advisory Approach
Berkshire Global Advisors is a specialized boutique investment bank founded over 40 years ago with a singular focus: providing trusted M&A and strategic advisory services to the financial services industry. The firm's thesis is that deep sector specialization, combined with institutional-quality process management and relationships, enables financial services companies to achieve optimal outcomes in M&A transactions. Unlike generalist investment banks, Berkshire maintains an exclusive focus on financial services—this specialization is their only business, not one of many service lines. This singular dedication has made them a recognized leader in the investment management, securities, and related financial services sectors, with demonstrated expertise across wealth management, investment management, financial technology, and private markets advisory.
The firm operates with an institutional approach to M&A advisory, running disciplined sell-side and buy-side processes, managing strategic partnerships, minority stake transactions, valuations, and fairness opinions. Their client base includes registered investment advisories (RIAs), family offices, insurance companies, wealth managers, traditional investment managers, fintech companies, private equity platforms, and alternative asset managers.
Sector Focus & Specialization
Berkshire Global Advisors concentrates exclusively on six financial services sectors:
Wealth Management: Registered Investment Advisors (RIAs), family multi-office operators (MFOs), insurance broker-dealers (IBDs), retail broker-dealers, trust companies, outsourced chief investment officers (OCIOs), and investment consultants. This is their largest practice area, as evidenced by their deep relationships with wealth management platforms like Mercer Advisors, Focus Partners Wealth, Sammons Financial Group, and numerous RIA networks.
Traditional Investment Management: Equity-focused, fixed-income-focused, diversified, and ETF asset managers. Berkshire has advised on transactions involving billions in AUM across equity and fixed income strategies, including notable relationships with firms like Mesirow and other traditional asset managers.
Financial Technology: Wealth technology platforms, data and analytics providers, capital markets technology, banking technology, insurance technology, and digital assets platforms. This sector represents growth in their practice as fintech disruption reshapes financial services.
Private Markets: Private equity platforms, private credit funds, real estate investment managers, infrastructure investors, fund of funds, and diversified alternative asset managers. Recent transactions include the Federated Hermes acquisition of FCP Fund Manager (real estate) and the Boyd Watterson/Amber Infrastructure combination ($35.7B in combined AUM).
Securities & Investment Banking: Institutional broker-dealers and independent investment banks seeking scale, technology, or strategic alignment.
Related Sectors: Insurance companies, hedge funds, specialty finance, real estate operating companies, and financial services consulting firms.
Deal Track Record & Recent Activity
Berkshire Global Advisors has completed over 580 M&A transactions and participated in 875+ total engagements in the financial services industry, facilitating the transfer of more than $3.6 trillion in assets under management. Their recent deal activity demonstrates active advisory across all sectors:
2025-2026 Recent Transactions:
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FCP Fund Manager to Federated Hermes (Oct 2025): Advised FCP (a real estate investment manager with $14.6B+ in gross asset value since inception) on 80% acquisition by Federated Hermes for $331M aggregate purchase price. This transaction expanded Federated Hermes' private markets capabilities into the US real estate market.
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Churchill Management Group to Focus Partners Wealth (May 2025): Exclusive sell-side advisor to Churchill (founded 1963, $9.4B AUM) on acquisition by Focus Financial Partners. Churchill brings a national team of advisors and strong West Coast presence to Focus Partners Wealth.
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Wealthcare Capital Management to Sammons Financial Group (June 2025): Advised Wealthcare on acquisition by Sammons Financial Group. Wealthcare operates three registered investment advisors with nearly 200 independent advisors and $8B AUM, recognized as a top 100 RIA for five consecutive years per Barron's.
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Boyd Watterson & Amber Infrastructure (May 2024): Served as financial advisor to Boyd Watterson on strategic combination with Amber Infrastructure Group, creating a $35.7B global alternatives platform with 300+ investment personnel across eight US cities and twelve countries.
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Matthews Asia Recapitalization (Feb 2026): Exclusive financial advisor to Matthews on recapitalization transaction, providing liquidity planning and long-term governance expertise.
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Post Road Group Digital Infrastructure (Sept 2025): Advised on the sale of Post Road Group's digital infrastructure division to Future Standard.
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Infinity Financial Consultants Strategic Investment (Jan 2026): Advised Infinity Financial Consultants on strategic investment from Merchant Wealth Partners, a US-backed capital partner.
2022-2024 Transactions:
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Regis Management Company to Mercer Advisors (Dec 2022): Exclusive sell-side advisor on the $5B acquisition of Regis, a major multi-office family office with deep institutional relationships. This transaction was described as "industry-transforming" by market observers.
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Ironbark Asset Management (Sept 2023): Financial advisory on wealth management transaction.
These deals demonstrate consistent activity across buyer types (strategic acquirers, PE-backed platforms, RIA networks, insurance companies) and seller profiles (founder-owned RIAs, large multi-office operators, institutional asset managers). The firm's deal flow indicates strong market access and deep relationships within the financial services M&A ecosystem.
Process & Service Model
Berkshire runs institutional-quality M&A processes and advisory engagements. Their service offerings include:
Sell-Side Advisory: Full process management for financial services company sales, including buyer identification, negotiation, deal structuring, and documentation support.
Buy-Side Advisory: Support for acquirers evaluating and integrating financial services companies.
Strategic Partnerships & Recapitalizations: Advisor on minority stake transactions, growth investments, and founder liquidity events.
Valuations & Fairness Opinions: Independent valuation and fairness opinion services.
Strategic Consulting & Succession Planning: Advisor to CEOs and founding partners on business strategy, growth planning, and succession planning.
Berkshire's approach emphasizes understanding the nuances of financial services businesses—regulatory requirements, platform economics, talent retention, AUM stability, and client relationships. Their sector expertise enables them to efficiently navigate deal complexities specific to financial services that generalist advisors may underestimate.
Buyer Network & Relationships
Berkshire Global Advisors' deal history reveals strong relationships across the primary buyer cohorts in financial services M&A:
Strategic Acquirers: Federated Hermes (alternatives expansion), Mercer Advisors (RIA acquisitions), Focus Financial Partners (platform consolidation), Sammons Financial Group (wealth management expansion).
PE-Backed Platforms: Numerous transactions advising sellers on exits to private equity-backed platforms seeking bolt-on acquisitions and scale.
Insurance Companies: Relationships with major insurance groups and insurance-backed financial services platforms.
Independent Financial Services Companies: Transactions advising independent RIAs, family offices, and asset managers on mergers and strategic partnerships.
International Acquirers: Global reach demonstrated by cross-border transactions and London office supporting UK and European buyer access.
Competitive Positioning
Berkshire Global Advisors differentiates in the financial services M&A market through:
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Singular Sector Focus: Unlike major bulge-bracket banks that treat financial services as one vertical among many, Berkshire's entire firm is devoted to this one sector. This enables deep specialization, sector monitoring, and relationship depth.
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Partnership Model: The firm is led by experienced deal partners who have worked together at Berkshire for majority of their careers. This creates institutional continuity and deep client relationships.
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Market Intelligence: 40+ years of transaction history in financial services provides unmatched database of buyer/seller profiles, deal precedents, and valuation benchmarks specific to different financial services subsectors.
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Regulatory Navigation: Deep experience advising financial services firms on FINRA, SEC, insurance, and state regulatory considerations—a complexity that generalist advisors often underestimate.
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Global Reach with Local Expertise: Offices in New York, San Francisco, London, and Sydney provide geographic reach while maintaining local market relationships.
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Provider to Providers: Unlike boutiques focused on one service line (e.g., wealth advisory only), Berkshire advises across all financial services sectors, enabling cross-sector intelligence and network effects.
Not a Fit If
Berkshire Global Advisors is a specialist in financial services M&A. They would likely decline:
- Non-financial services companies (they focus exclusively on financial services)
- Situations requiring deep operational restructuring (their focus is on transaction advisory, not operations)
- Companies with significant regulatory risk or pending compliance actions (financial services regulatory reputation is critical)
- Highly distressed situations requiring workout expertise (they advise on value-optimizing transactions, not salvage operations)
Team Leadership
The firm is led by experienced partners with deep financial services M&A expertise:
Key Partners:
- R. Bruce Cameron, CFA — Partner, with leadership spanning traditional investment management, wealth management, and financial technology sectors
- Bomy Hagopian, CFA — Partner, advisor on major transactions including Mercer/Regis, First Trust/Veriti, and other significant deals
- John Humphrey — Partner with extensive M&A advisory experience in financial services
- Nelson Lam — Partner, led engagement on Infinity Financial Consultants transaction
- Sean McCarthy — Partner with broad financial services relationships
- Drew Murphy — Partner, contributes to wealth management and investment management practice
- David Reynolds, CFA — Partner specializing in investment management transactions
- Jonathan Stern, CFA — Partner with expertise across multiple financial services subsectors
- Mitchell Spector — Partner and Chief Technology Officer, ensuring firm operations and deal platform capabilities
Operations Leadership:
- Julie Mitchell, PHR, SHRM-SCP — Chief Operating Officer
- Glenn Dunn, CPA — Principal and senior finance leader
- Caleb Burchenal — Chief Accounting Officer
- Kristina Bach — Chief Financial Officer and Principal Financial Officer
Collectively, the partnership represents 200+ years of combined financial services M&A experience, with many partners averaging 15-20 years in the sector.
Geographic Coverage & Infrastructure
Berkshire Global Advisors operates through four major global offices:
- New York (HQ): 527 Madison Avenue, 3rd Floor — primary office serving North America
- San Francisco: 50 California Street, Suite 1500 — serves West Coast and technology/fintech sectors
- London: 11 Haymarket, 2nd Floor — serves European and UK financial services market
- Sydney: 28 Margaret Street, Level 9 — serves APAC region
The firm is FINRA-regulated (CRD# 124180, SEC# 8-65641) and SEC-registered, with active broker-dealer licenses in 27 US states and territories. This regulatory infrastructure enables them to serve regulated financial services firms.
Recent Industry Perspectives
Berkshire Global Advisors publishes regular market intelligence on financial services M&A trends:
- 2025 Wealth Management M&A Report: Published January 2026, documenting record 349 deals in 2025 involving RIAs with 100M+ AUM (up 26% from 276 in 2024)
- US Traditional Investment Management Trends: Quarterly reports on equity, fixed-income, and diversified manager M&A, valuations, and market dynamics
- Midyear and Annual Reviews: Regular benchmarking of M&A activity, buyer dynamics, and sector trends
These publications position Berkshire as a market authority and provide advisory insights to clients evaluating their options.