updated 2:57 PM CEST, Sep 21, 2023

Now Sanctuary Wealth unveils new 'Global Family Office' as it ramps up its int'l offering

Sanctuary Wealth, an Indianapolis, Indiana-based wealth management company that last year announced plans to expand into the international market, has acquired a stake in a Los Angeles-based "multi-family office and advisory firm" that it says "will facilitate the launch of Sanctuary's latest offering – Sanctuary Global Family Office – and complement [its] other recent expansions into international family office services."

These other expansionary ventures included the opening of a Miami office earlier this year, which Sanctuary notes is enabling it to better focus on serving the Latin American market, and a new international advisory platform, Sanctuary Global. In unveiling the Miami office, Santuary said that it also planned to open offices "throughout Latin America in the coming months."

The company in Los Angeles that it has acquired a stake in is called InnoVise Family Wealth Advisors, and its tagline is "Innovation fueling advice" -- although prior to launching the new partnership with Sanctuary Wealth, it was known as Audent Family Wealth Advisors,according to a Sanctuary statement this week.

CEO Dickson: 'Partnership'

Sanctuary Wealth founder and chief executive Jim Dickson said the new partnership with Innovise represented a "natural extension of where Sanctuary is in our evolution."

He added: We will continue to make strategic acquisitions that strengthen our platform, and with InnoVise, we have added a best-in-class family office, offering an ultra-high-net-worth solution set to our existing partner firms, so we can better serve them and their clients."

He said the Sanctuary Global Family Office will be headed up by InnoVise's Brian Weiner, and that it would "provide the advisors in our network with a wide range of family office services." Joining the company as InnoVise's new chief operating officer is Michael Pagano, who comes to the family office from City National Bank in Los Angeles, where he was for 13 years.  

Sanctuary's move into the international advisory marketplace began in September of last year, when it hired Merrill Lynch international wealth manager Susan Graybeal to head up the construction of its wealth management and product platform for international wealth managers.

Since then the company has continued to grow, adding, among others, an eight-person, Mexico-focused team from Wells Fargo earlier this year.

Founded in 2018, Sanctuary Wealth currently has a network of partner firms that operate out of 21 U.S. states, and collectively look after more than US$17 billion in assets under advice, according to the company.