RIABiz

News, Vision & Voice for the Advisory Community

RIABiz

Emigrant Bank 'doubles down' to send Mark Hurley packing and fire up Fiduciary Network, its RIA deal machine

The billionaire-owned New York bank eschewed the quick buck of a top-of-market sale to bet Karl Heckenberg can make Fiduciary Network function even better as its new CEO

Author Brooke Southall November 22, 2018 at 12:07 AM
Admin:
no description available
Karl Heckenberg: Emigrant had an opportunity to either be a buyer or a seller here, and we chose to be a buyer despite the fact that we’re in the tenth year of a bull market.

Jeff Spears

Jeff Spears

November 22, 2018 — 1:30 PM
Independent RIAs are realizing that they need to offer more services to survive. Emigrant has the capital and experience to provide these services. I hope Emigrant leverages the great work that Hurley and his team have done over the last 13 years. They might need to be updated to the new realities of the industry, but many of the Hurley white paper topics remain relevant.
Jamie McLaughlin

Jamie McLaughlin

November 23, 2018 — 10:56 PM
While it will take some adjusting for the underlying FN firms who, in addition to FN's capital support, reportedly genuinely valued their "thinking" partnership with Mark, the possibilities for Emigrant are intriguing. They may be the best kept secret in wealth management, particularly for a host of specialty credit services they've provided for many years to operating business owners and the ultra HNW segment; services most RIAs cannot provide. Stay tuned.
Scott Smyth

Scott Smyth

November 24, 2018 — 8:15 PM
More often than not, anyone is replaceable even CEOs; no matter how smart, charismatic, or prolific their profile has been. It is the hallmark of having built a good business: It can operate, endure, and prosper into the future not reliant on any one single person. No doubt we haven’t seen the last of Mark Hurley he will find success in another endeavor. But looking forward to see Fiduciary Network go to new heights and new identity in the marketplace with Karl Heckenberg taking the reins

Related Moves

Karl Heckenberg files with SEC to raise a staggering $1 billion, (presumably) to buy, buy, buy RIA stakes in a 'crowded' market

The former CEO and president of Emigrant Partners has launched the Constellation Wealth Capital Fund with a ten-figure funding target.

August 18, 2023 at 3:56 AM


RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING


RIABiz Directory sponsored by:

Directory Sponsor Logo