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Financial Advisory  + Wealth Management  |  March 15, 2024
Ashton Thomas Adds $500M Former Alex.Brown Team
By: Joe Palmisano

Ashton Thomas Adds $500M Former Alex.Brown Team

The McDonagh Bauers Private Wealth Team, previously with Alex.Brown, a part of Raymond James, has joined Ashton Thomas Private Wealth, an Arax Investment Partners firm. While at Alex.Brown, the team’s assets totaled approximately $500 million.

Led by managing director and partner Ted McDonagh and director and partner Daniel Bauers, The McDonagh Bauers Private Wealth Team will work out of Ashton Thomas’ New York office and be affiliated with the firm’s hybrid broker-dealer Ashton Thomas Securities. McDonagh and Bauers are joined by Justine Kinaj, a senior registered associate.

“We are delighted to join Ashton Thomas Private Wealth and introduce our clients to the resources and capabilities they offer,” said McDonagh. “Ashton Thomas and Arax have partnered to offer a platform that we believe rivals the top firm offerings in the wealth management space. We couldn’t be more excited for what lies ahead.”

The McDonagh Bauers team joins Ashton Thomas six months after it was sold to Arax Investments. The multi-boutique wealth management platform that makes strategic control investments in wealth businesses, launched in 2022 by former Alex.Brown CEO Haig Ariyan, added Stafford Schauer Private Wealth, an Alex.Brown team overseeing $2 billion in January.

Ashton Thomas Private Wealth, located in Scottsdale, AZ, was founded in 2010 and manages approximately $5 billion in client assets.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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