Lawing Financial, No. 21 on Ingram‘s list of Top Area Wealth Management Firms last year, announced this morning that an employee group had purchased the firm from CEO Kerry Lawing and minority investors. Terms of the deal were not disclosed.
Going forward, the firm will be known as Prime Capital Investment Advisors, with veteran employees Scott Colangelo as CEO and Tim Hakes as president; they hold majority stakes in the new ownership group. Lawing will spin off a life-insurance division, which will operate under the name Prevail.
“Our business is doing very well. In fact we just completed one of our strongest quarters ever. When our senior management approached me with this opportunity, we quickly realized this was a tremendous fit for everyone involved. What better time than now to organize our business for the future,” Lawing said in a release announcing the deal.
Colangelo credited Lawing for his leadership in building a firm with $3.1 billion in assets under management. “Kerry has built a fantastic team of people all focused on delivering the best possible results for our clients,” he said. “We plan on continuing that tradition of a team based approach to investing which has been very successful for our clients.”