LOS ANGELES, Feb. 2, 2015 /PRNewswire/ -- B. Riley Financial, Inc. (OTCBB: RILY) has expanded into Wealth Management with the acquisition of MK Capital Advisors, LLC, a New York-based Registered Investment Advisor which provides comprehensive advisory services to ultra-high net worth families and individuals.
MK Capital Advisors, founded by Michael Kramer and Mark Klein, will become a wholly-owned subsidiary of B. Riley Financial, Inc. Dr. Kramer will assume the role of CEO of Wealth Management. He and Mr. Klein will operate with the same team of advisors which served MK Capital Advisor clients. Its offices will remain at 590 Madison Avenue in New York City.
"Under the stewardship of Michael and Mark, MK Capital has grown, primarily by referral, its platform of traditional asset management, alternative asset management, and trust and estate planning, to where it advises clients with approximately $700 million of assets," said Bryant Riley, Chairman of B. Riley Financial. "Together, we believe there's tremendous opportunity to further grow our wealth management business, and we are committed to expanding our position in the marketplace."
"Mark has been the CEO of two public broker-dealers, both of which experienced increased shareholder returns and improved operating efficiencies. Having served on the Board of National Holdings Corporation and Great American with Mark, I have had firsthand experience working with him and view him as a true partner whose mandate is to help us increase shareholder value through utilizing his skillset in all aspects of B. Riley Financial," added Mr. Riley.
"Michael has more than a decade of experience in asset and wealth management, with a very successful track record as a portfolio manager. In addition to serving as Managing Director of Asset Management at Ladenberg Thalmann, he worked at NBG Securities and Stonewall Capital," noted Mr. Riley.
Dr. Kramer's earlier career includes experience as the CEO of a New York-based physician management company which became the most profitable segment of its parent company. Prior to that, he was a practicing cardiologist who served on the faculty of the Mt. Sinai School of Medicine.
"Michael and Mark's combined experiences will help accelerate our growth into wealth advisory and asset management, which is an important focus for our firm going forward. In addition, MK Capital complements our B. Riley Asset Management platform, which we launched in 2014," said Mr. Riley.
"Michael and I are pleased to be joining B. Riley Financial," said Mark Klein. "I have had the good fortune of knowing and working with Bryant and his team over the last eight years. B. Riley has a stellar reputation on Wall Street across all its platforms, including investment banking, sales and trading, research, and asset management. The families who entrust us to manage, preserve and grow their wealth generationally will continue to enjoy the services we have provided in the past, as well as having the ability to participate in and benefit from investment products and services offered through B. Riley Research and from B. Riley Financial's varied investment activities."
About B. Riley Financial Inc.:
B. Riley Financial, Inc. (OTCBB: RILY) provides collaborative financial services and solutions through several subsidiaries, including: B. Riley & Co. LLC, a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; Great American Group, LLC a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services; B. Riley Asset Management, LLC, a provider of investment products to institutional and high net worth investors and MK Capital Advisors, LLC a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families.
B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc. please visit www.brileyfin.com.
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Statements contained herein, which are not historical facts, such as, but not limited to, statements about goals, expectations, financial or other projections, intentions or beliefs are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on various assumptions and are subject to known and unknown risks and uncertainties that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described in the Company's Form 10-K for the year ended December 31, 2013 and other documents filed by the Company from time to time with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are as of the date they are made, and the Company undertakes no duty to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
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