California-based RIA Angeles Wealth Management has completed its first acquisition, purchasing a boutique family office firm to form a new affiliate, Angeles Family Office (AFO).
The firm acquired XO Capital, a business founded in 2021 by Adam Stern and Jason Oclaray that offers family office, business management, and investment management services. Financial terms of the transaction, which received approval last week, were not disclosed.
Angeles Wealth chief executive Jonathan Foster said the move represents a strategic milestone for the firm. Having known Stern and Oclaray for more than a decade, Foster noted that the long-standing relationship has supported both integration and the launch of AFO. He described the addition of a family office capability as the final component needed to fully serve the firm’s high net worth client base, alongside its existing wealth management, institutional OCIO, and private investment offerings.
Foster pointed to the growing number of families with net worths in the $50m to $500m range as a key driver behind the decision. These families often require more specialised, “executive office” style support, including trust, tax, and estate planning, as well as bespoke services such as philanthropy oversight, without the scale needed to justify a standalone single-family office.
Following the acquisition, Stern and Oclaray have assumed the roles of chief executive and president of AFO, respectively.
With its first deal completed, Angeles Wealth plans to pursue further inorganic growth, with an emphasis on “acqui-hires” that strengthen its talent pool. This strategy is being shaped in part by chief growth officer Jonah Cave, who joined the firm in November and is tasked with assessing growth opportunities across all business lines.
Based in Santa Monica, Angeles now comprises Angeles Wealth Management, its institutional arm Angeles Investment Advisors, and Angeles Family Office. Across these entities, the firm serves approximately 150 families. Angeles is employee-owned, with around 15 equity holders spread across its three divisions.
