Arete Wealth, a Chicago-based broker/dealer and investment advisory firm, has added HudsonPoint Capital to its network of branches. The HudsonPoint team, based Jersey City, N.J., joins from B. Riley Wealth Management.

This follows recent news that B. Riley Financial would sell a portion of its wealth management business to Stifel Financial Corp. for as much as $35 million in cash.

Related: Arete Becomes Managing Broker/Dealer for Art Investment Platform Masterworks

HudsonPoint was founded by Managing Partner Russ Zalatimo in 2005. The team has been with B. Riley since it acquired their previous broker/dealer, National Securities, in 2021.  

HudsonPoint specializes in providing access to alternative investments to its high-net-worth clients, with a specific focus on market-neutral strategies. That played a big role in the firm’s decision to move to Arete, which also has expertise in alternatives. The move will expand its access to such alternatives as pre-IPO shares, private equity, hedge funds, private credit, real estate, energy and more.

Related: B. Riley to Sell Portion of Wealth-Management Unit to Stifel

“With our commitment to minimizing clients’ reliance on conventional stock market products, Arete’s robust network and specialized expertise will further empower us to deliver tailored financial solutions that align with the distinctive goals of our advisors and clients alike,” said Zalatimo, in a statement.

“This partnership underscores our shared commitment to providing high-net-worth clients with access to alternative investment opportunities,” said Joshua Rogers, founder and CEO of Arete Wealth, in a statement.

Arete Wealth was founded in 2007. As of the end of August, the firm had about $6.1 billion in assets under management and 230 wealth advisors in more than 50 offices around the country.

Several B. Riley teams have jumped ship on news of the sale of the wealth management division. Last month, Kestra Financial, the independent broker/dealer subsidiary of Kestra Holdings added Empowerment Financial Strategies, a Boca Raton, Fla.-based team managing $1.4 billion in client assets from B. Riley Wealth Management.