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