LOS ANGELES, June 26, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (NASDAQ:RILY)(“B. Riley”), a diversified provider of financial and business advisory services, today announced that its subsidiary, Wunderlich Securities, Inc. (“Wunderlich”), will change its name to “B. Riley Wealth Management, Inc.” As a result, Wunderlich’s website, account documents and client communications will be branded with the company’s new name. The full transition is expected to be completed later this year.
In July 2017, B. Riley acquired Wunderlich, which expanded the firm’s existing institutional client base, research coverage, and proprietary trading capabilities, as well as bolstered its wealth management business by adding more than 180 financial advisors and approximately $8 billion in assets under administration. This brand transition reflects Wunderlich’s enhanced investment services, products and capabilities since becoming a wholly-owned subsidiary of B. Riley and part of its diverse platform of services.
“Since the acquisition last year, Wunderlich has not only expanded and strengthened our platform in various areas, but has also positioned our firm to hold one of the most comprehensive wealth management platforms in the industry,” said Bryant Riley, Chairman and CEO of B. Riley Financial. “Through this effort, we aim to strengthen the firm’s position in the external marketplace as we continue to grow and evolve in new and existing markets.”
“This is an exciting new chapter for Wunderlich. Since becoming part of B. Riley, our financial advisors and clients have benefited from additional resources and investment offerings made available through our affiliates’ robust proprietary research and investment products,” said Gary Wunderlich, CEO of Wunderlich Securities. “We will continue our firm’s client-first focus as we look to expand B. Riley Wealth Management’s comprehensive wealth management services to individuals, families, corporations and non-profit organizations across the country.”
Founded in Memphis in 1996 with branch locations across the U.S., Wunderlich offers comprehensive wealth management services to individuals, families, corporations and non-profit organizations. The firm relocated its corporate headquarters to downtown Memphis in April 2018 and has branch locations nationwide, including New York, Los Angeles, Chicago, Dallas, Houston and Nashville.
It is anticipated that B. Riley’s existing wealth management practice, which was first established in 2015 through the acquisition of MK Capital Advisors, will continue to operate as a Registered Investment Advisor within B. Riley Wealth Management, Inc. As a combined entity, B. Riley Wealth Management will be a leading provider of comprehensive financial advisory services and customized portfolios to individuals and families.
About B. Riley Financial, Inc.
B. Riley Financial, Inc. (NASDAQ:RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc.,Great American Group, LLC, B. Riley Capital Management, LLC (which includes B. Riley Wealth Management, B. Riley Asset Management and Great American Capital Partners, LLC) and B. Riley Principal Investments, LLC.
Jo Anne McCusker
Source: B. Riley Financial, Inc.