Connecticut RIA Procyon has made its first acquisition since it sold a stake in itself to serial wealth management investor Constellation Wealth Capital (CWC).
The $8bn firm said Tuesday that it has agreed to purchase Wooster Corthell Wealth Management, a fellow Connecticut RIA with roughly $600m in client assets. Procyon is headquartered in Shelton, a suburb of New Haven, while Wooster Corthell is located roughly an hour north in the Hartford suburb of Glastonbury.
Specific financial terms of the deal were not disclosed. Procyon said the deal with Wooster Corthell will push it to roughly $8bn in assets under management.
‘We are continually striving to make our clients’ lives easier by delivering more value in one place,’ stated Procyon chief executive Phil Fiore. ‘This acquisition is another step forward in fulfilling that promise.’
Fiore, an ex-UBS advisor, launched Procyon alongside four founding partners in 2017 with the assistance of RIA middle and back-office service platform Dynasty Financial Partners. The firm has remained with Dynasty since and has pulled off a handful of acquisitions.
In April, Procyon revealed it had sold a minority stake of an undisclosed size to CWC, a nascent RIA investing business founded by former Emigrant Partners chief executive Karl Heckenberg. Heckenberg closed a $1bn capital raise for the firm in 2024 and has taken stakes in several large RIAs, most recently revealing a deal on Monday with $20bn Merit Financial Advisors.
Procyon will add three advisors and five support staffers through the deal with Wooster Corthell. The firm is led by chief executive Matt Corthell, who succeeded now-retired company founder Al Wooster in 2022 as part of a planned succession.
