Merchant Investment Management-backed Apollon Wealth Management has made a trio of deals, including a partnership to relaunch a family office for the family behind Adidas.
In addition to its plan to launch the Adi Dassler International Family Office, the $635m firm has also bought stakes in a pair of RIAs: Greenwich, Conn.-based BH Asset Management and Chicago-based Podesta Capital Advisors. Apollon has purchased a minority stake in $79m BH Asset Management that will step up to full control and a 20% stake in $110m Podesta Capital Advisors.
For Apollon, which is based in Mount Pleasant, S.C., the deals open up new opportunities for the firm.
‘BH Asset Management is a true subadvisor on a lot of different custodial platforms. It continues to expand our reach across different custodial platforms. Now we have true money managers in addition to our wealth advisors that we currently have,’ said Michael Dolberg (pictured), Apollon’s chief executive. ‘With Podesta Capital Advisors, that is a great partnership in the sense that they have a tremendous track record dating back over 38 years… it opens up another market for us in Chicago. These are experienced money managers with a great track record. They can really help round out the offering to our clients.’