Dominari Securities Acquires Broker Team with $700 Million in Assets Under Management

Rhea-AI Summary

Dominari Holdings Inc. (Nasdaq: DOMH) announced its wholly-owned subsidiary, Dominari Securities LLC, has acquired an asset management team overseeing over $700 million in client assets. This marks the first significant acquisition since launching its broker-dealer division after purchasing the broker-dealer and registered investment adviser divisions of Fieldpoint Private Securities earlier this month. The new team is projected to generate approximately $7 million in annual revenue. CEO Kyle Wool emphasized the importance of a five-day in-office workweek to enhance client service and team collaboration, aligning with industry standards aimed at facilitating company growth and excellence.

Positive

• Acquisition of asset management team managing over $700 million.
• Projected annual revenue generation of approximately $7 million.
• Implementation of a five-day in-office work week supports client service and growth.

Negative

• None.

Firm Announces Five Day In Office Work Week

NEW YORK, April 18, 2023 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) (the "Company") today announced that its wholly-owned subsidiary, Dominari Securities LLC, a FINRA licensed broker-dealer, has added an asset management team that manages over $700 million in client assets to its organization. This is the first significant acquisition since the division officially launched earlier this month after the purchase of the broker-dealer and registered investment adviser divisions of Fieldpoint Private Securities.

Kyle Wool, CEO of Dominari Financial Inc. stated, "we are excited to have launched our broker-dealer division and are proudly open for business. Our first team includes brokers who manage over $700 million in client assets and generate approximately $7 million in top line revenue annually. This team is the foundation of our firm and we look forward to growing the business both organically and through acquisition." Mr Wool added, "at Dominari, we are creating a positive culture where we show up every day to service our clients, work together as a team, and strive for excellence. Industry-leading financial services firms have moved to a five day in office work week in recognition of the accelerated growth potential that being in the office full time to better service clients provides. We agree with this approach and have implemented the same policy as we work towards building a world class broker-dealer."  

Dominari is located at 725 Fifth Avenue in New York City.

Dominari Financial Inc.'s Mission Statement:

Dominari is a dynamic, forward-thinking financial services company that seeks to create wealth for all stakeholders by capitalizing on emerging trends in the financial services sector and identifying early-stage future opportunities that are expected to generate a high rate of return for our clients.

Securities Brokerage and Registered Investment Adviser Services are offered through Dominari Securities LLC, a Member of FINRA, MSRB and SIPC. Securities brokerage, investment adviser and other non-bank deposit investments are not insured by the FDIC and may lose some or all of the principal invested. You can check the background of Dominari Securities and its registered investment professionals and review its SEC Form CRS on FINRA's BrokerCheck site at https://brokercheck.finra.org. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, which include but are not limited to the Risk Factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 relating to its business. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Investor Relations 
Hayden IR 
Brett Maas, Managing Partner 
Phone: (646) 536-7331 
Email: brett@haydenir.com 
www.haydenir.com

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SOURCE Dominari Holdings Inc.

FAQ

What team did Dominari Securities acquire recently?

Dominari Securities acquired an asset management team managing over $700 million in client assets.

What is the expected revenue from the newly acquired team in Dominari Holdings?

The newly acquired team is expected to generate approximately $7 million in annual revenue.

When was the broker-dealer division of Dominari officially launched?

The broker-dealer division of Dominari was officially launched earlier in April 2023.

How does the new five-day in-office policy impact Dominari Holdings?

The five-day in-office policy aims to enhance client service and foster a collaborative team environment.

What significance does the acquisition have for Dominari Holdings?

The acquisition is significant as it marks the first major step in expanding Dominari's broker-dealer services and revenue base.