Arax Advisory Partners Acquires Florida Firm

Arax Advisory Partners, a unit of Arax Investment Partners, has acquired a Florida-based wealth management and tax advisory firm, expanding its footprint in the state’s market. 

Coral Gables, FL-based Millares Asset Management, founded in 1999, is led by the firm’s co-founder Maria Millares, and includes her two sons, co-founder Ruben and wealth advisor Javier. 

Millares manages about $236 million in assets under management across 154 accounts, according to the firm’s latest Form ADV, updated in February. 

“Our core goal as a firm is to enhance our clients’ quality of life by providing personalized support in service of meeting their unique needs,” Maria Millares said. “Joining Arax creates new opportunities for both our team and our clients, allowing us to expand our offerings, grow at scale and augment the client experience without ever compromising the level of care and attention we provide.” 

Financial terms of the transaction were not disclosed. 

Last month, Arax Advisory Partners added Poughkeepsie, NY-based The Oak Group, which oversees $1.5 billion in total client assets, as the firm continues its expansion across the Northeast region. 

The acquisition marked its second in the Poughkeepsie area, following its addition of Omni Financial Advisory Group in March. 

Denver-based Arax Investment Partners, which was founded by CEO Haig Ariyan, is backed by private equity firm RedBird Capital Partners, and Arax Advisory Partners comprises independent firms collaborating with financial institutions and high-net-worth clients. 

Pictured: Maria Millares (Left) and Ruben Millares (Right)