RedBird-backed Arax Investment Partners to buy financial advisor Ashton Thomas Private Wealth

• Ashton Thomas will continue to be led by Aaron Brodt as CEO while Haig Ariyan will serve as chairman
• Houlihan Lokey served as financial advisor to Ashton Thomas on this transaction
• RedBird Capital Partners currently manages approximately $10 billion in assets

Arax Investment Partners, a portfolio company of RedBird Capital Partners, has agreed to acquire Ashton Thomas Private Wealth, a Scottsdale, Arizona-based financial advisor. No financial terms were disclosed.

Based in New York City, Arax is a wealth management firm.

Ashton Thomas will continue to be led by Aaron Brodt as CEO while Haig Ariyan will serve as chairman.

“We are pleased to welcome Ashton Thomas and its distinguished team to Arax’s platform. Ashton Thomas’ client focus, leadership, and ambition match our vision for capitalizing on the opportunities in the fragmented wealth management space,” said Haig Ariyan, CEO of Arax in a statement. “Arax is an attractive partner for top-tier wealth managers and advisors who want to scale their businesses with a supportive partner and improve their client offerings, retention, and growth.”

Houlihan Lokey served as financial advisor to Ashton Thomas on this transaction.

Ashton Thomas was founded in 2010.

Founded in 2014 by Gerry Cardinale, RedBird Capital Partners currently manages approximately $10 billion in assets.