Wealth management platform Arax Investment Partners has acquired Cedrus Financial, a registered investment advisor (RIA) based in Littleton, Colorado.
Financial details of the acquisition remain undisclosed.
Cedrus, with approximately $1bn in assets under management, will become part of Arax Advisory Partners, a group of independent firms providing specialised services and investment advice for institutions, high-net-worth families, and elite athletes.
Arax CEO Haig Ariyan said: “Our multi-boutique wealth management strategy continues to attract the best in the business, supporting the growth and expansion of the Arax platform.
“In Cedrus, we found a partner firm with a unique and personalised approach that prioritises integrity and collaboration in service of clients – in other words, a natural fit for our platform. We look forward to working with the Cedrus team.”
Established in 2013, Cedrus has expertise in financial planning, portfolio management, and advisor selection services.
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The company, with a presence across Colorado and Idaho, caters to high-net-worth families.
Cedrus managing partner Mark Neely said: “Joining the Arax platform provides access to operational synergies and technological advancements that will support the scaled growth of our business, compounding our ability to deliver premium service to our clients and help them achieve their financial goals.”
Arax partners with founders and management teams to support RIAs, hybrid wealth managers, and advisor teams seeking a platform to scale their operations.
It is backed by private equity firm RedBird Capital Partners.
In March 2024, Ashton Thomas Securities, an RIA owned by Arax, announced the receipt of clearing and custody services from BNY Mellon’s Pershing.
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