Ashton Thomas Private Wealth, a registered investment advisor acquired by Arax Investment Partners in 2023, has added a Sarasota-based team of advisors managing about $1.5 billion in assets and named one of its co-founders to a newly created role of chief investment officer.
Partners and co-founders Don Hagan and Arthur Day, along with their five-person team from Day Hagan, will join Ashton Thomas. Day Hagan had worked in private wealth and asset management and had a prior relationship with Ashton Thomas through its asset management arm.
Hagan, the chief investment strategist of the acquired RIA, will become the CIO at Ashton Thomas, which is run by founder and CEO Aaron Brodt.
According to the announcement, Hagan will bring Day Hagan’s “model-driven investment strategies” and market commentary to Ashton Thomas.
Hagan said in a statement that joining Ashton Thomas would help his prior firm amplify its work with expanded resources and deeper research.
The acquisitive Arax Partners, a portfolio company of private equity firm RedBird Capital, owns Scottsdale, Ariz.-based Ashton Thomas.
Haig Ariyan, CEO of Arax and chairman of Ashton Thomas, said in a statement that the deal is “exactly the type of partnership we seek to pursue, creating an integrated experience where clients benefit from leading investment leadership, expansive wealth management capabilities and a commitment to excellent service.”
The deal for Day Hagan is Arax’s fifth this year for a firm with over $1 billion in client assets.
PE owner RedBird has investments across financial services, but is known for its stakes in sports and media entities, including with the Boston Red Sox and A.C. Milan.
