WealthTrust buys stake in Florida firm

Deal boosts assets under management by about 6 percent

Email | Print By Geert De Lombaerde

Locally based money manager WealthTrust has signed an agreement to acquire a majority stake in a Miami firm that manages about $400 million.

If completed, the deal for Foldes Financial Management will bring WealthTrust its 11th affiliate and first in Florida. It will lift the firm’s assets under management to about $7.6 billion.

In a statement, the companies said Foldes was looking for capital to support acquisitions of its own as well as support to manage its back office and succession plan.

“We are particularly pleased to now have an affiliate in the very attractive south Florida market,” WealthTrust CEO Rusty Benton said. “Although Foldes had many suitors, we are thrilled and honored that they chose to affiliate with WealthTrust.”