HB Wealth Launches OCIO Unit as $32 Billion RIA Expands Institutional Advisory
Updated
Updated · Wealth Management · Jul 17
HB Wealth Launches OCIO Unit as $32 Billion RIA Expands Institutional Advisory
2 articles · Updated · Wealth Management · Jul 17
Summary
HB Wealth this week added an institutional advisory division and outsourced chief investment officer offering, extending the Atlanta-based firm's services beyond its core wealth-management business.
The move comes as the RIA says it has grown to about $32 billion in assets, 350 employees and operations across six states, with CEO Thomas Carroll pointing to continued geographic expansion and selective M&A.
Carroll said HB's 12-year succession plan culminated in his January 2024 appointment as CEO, helping the firm navigate founder transition while preserving its majority employee-owned structure.
That ownership model has been supported by two minority investments—New Mountain Capital in 2021 and TPG Growth in 2024—with 86 employees still holding the largest equity stake.
The broader backdrop remains an industry succession challenge: Charles Schwab's latest benchmarking survey found only 45% of RIAs under $250 million in assets have a written succession plan.