Osaic Lands $2.3B ICG Next Team From LPL

Osaic has recruited ICG next, a New Jersey wealth manager with about $2.3 billion in client assets, from rival LPL Financial, giving the private equity-owned firm a high-profile win as it works to rebuild momentum and as LPL ramps up its own recruiting.

ICG next, based in Wall Township, New Jersey, with a second office in Melville, New York, is led by Managing Partner James A. Costabile and includes about 21 advisers plus client service and operations staff. The firm will keep its brand and serves mass-affluent and high-net-worth families.

ICG next chose Osaic after evaluating several major firms, citing access to senior leadership, hands-on support for recruiting and acquisitions, and the ability to serve clients on Fidelity’s National Financial Services platform.

The firm joined LPL from Ameriprise in 2019 and has nearly tripled in size since then. It plans to keep growing through organic growth, recruiting and acquisitions, targeting early- and mid-career advisers as well as later-career advisers seeking succession plans, mainly in the New York-New Jersey area.

Osaic, owned by Reverence Capital Partners, has more than 11,000 affiliated advisors and $700 billion in client assets. It has worked to win back momentum after attrition tied to its effort to merge eight affiliated broker-dealers under one brand.

The deal follows Osaic’s recent addition of Midwest Financial Group from Commonwealth Financial Network, which LPL acquired last year. LPL, meanwhile, reported a 35% year-over-year jump in recruited assets in the second quarter.