Arax Buys $1B IBD, Recruits $2B Wealth Team, Names CIO
Arax Investment Partners, a wealth management platform backed by private equity firm RedBird Capital Partners, has acquired a full-service independent broker-dealer, recruited a wealth management team overseeing $2 billion in assets and hired a new CIO.
Arax acquired Excel Securities & Associates, Inc., a $1 billion independent broker-dealer and RIA managing $1 billion in assets with multiple locations. The firm will now operate as Ashton Thomas Securities.
In addition, the firm recruited Stafford Schauer Private Wealth Team, formerly of Alex.Brown, a division of Raymond James, to its platform company, Ashton Thomas Private Wealth. The team, which previously managed $2 billion in assets, operates from the firm’s new downtown Boston, MA office.
Joining Ashton Thomas are Chris Stafford, managing director and partner; Cory Schauer, managing director and partner; Ines Seferi, senior investment portfolio analyst; Meghan Thomson, senior associate; Hunter Hendrix, associate; and Susie Register, associate.
Arax also announced the appointment of Sumit Handa as CIO. Handa will be responsible for the development and oversight of the platform’s investment strategy, portfolio management and asset allocation.
Prior to joining Arax, Handa served as a managing director and partner of Pennington Partners & Co. as well as co-head of the firm’s investment committee.
“After welcoming Ashton Thomas to Arax just a few months ago, we have been inundated with inquiries from top-tier wealth managers and advisors, interested in the opportunity to scale their business with an entrepreneurial and supportive partner,” said Haig Ariyan, CEO of Arax.
Arax announced its acquisition of Ashton Thomas, an RIA based in Scottsdale, AZ, in September of 2023.
