Arax to Buy $3 Billion New Jersey RIA

Arax Investment Partners, a New York City-based RIA rollup that has amassed around $43 billion in client assets since launching in 2022, is buying a New Jersey-based RIA with around $3 billion under management, according to an announcement on Thursday. Transcend Capital Advisors marks Arax’s seventh deal this year. The RIA was founded in 2019 by a group of wirehouse émigrés along with former New York Stock Exchange Chief Executive Duncan L. Niederauer, who is vice chairman at Transcend. Transcend, whose website lists 37 advisors and other staff, is currently led by Chief Executive Brian Gorczynski, a veteran private equity investor who joined from Veritas Capital in 2021. Once the transaction closes, which is expected to take place in the third quarter, Transcend will shift to Arax’s Form ADV while continuing to operate under its own brand, according to a company spokesperson. The spokesperson declined to specify whether they will be joining as employees or independent contractors. Arax Chief Executive Haig Ariyan said in an interview earlier this month that the platform has recently been seeing more interest in its W-2 channel. Backed by private equity firm RedBird Capital Partners, Arax has announced at least 15 acquisitions, including $3 billion Ashton Thomas Private Wealth and $4 billion Schechter Investment Advisors. Its larger deals this year included two RIAs overseeing around $1.5 billion each.