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Financial Advisory  + Latest News  + RIAs & Financial Advisors  + Wealth Management  |  January 5, 2023
PCIA Is Betting on Reno RIA Cornerstone, Adding $400M in Assets
Joe Palmisano
By: Joe Palmisano

Prime Capital Keeps Rolling, Acquires $575M RIA Firm Stonnington Group

Prime Capital Investment Advisors (PCIA) continues to press on the acquisition accelerator, adding an additional $575mn in assets in Southern California after buying Pasadena-based registered investment advisor (RIA) Stonnington Group.  

Since December, PCIA has announced five acquisitions nearing $4bn in assets, including the purchase of the $1.75bn RIA Liberty Wealth Advisors and the $185mn South Dakota-based RIA Professional Financial Services. 

Led by Nick Stonnington, President and Advisor, Stonnington Group serves high net-worth individuals and families. Stonnington is joined by four other employees, including one advisor. 

Citing company synergies and a similar working culture, Glenn Spencer, CEO of Prime Capital Investment Advisors, said, “Stonnington Group is a multigenerational firm that operates with a whole-team approach that aligns well with Prime Capital.” 

Park Sutton Advisors, A Waller Helms Company served as the exclusive financial advisor to Stonnington Group. 

Separately, PCIA has partnered with Earth Equity Advisors to expand its footprint in the sustainable, responsible and impact investing (SRI) space while adding $151mn in assets.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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