# Aspen Standard Wealth buys Louisiana's Cullen Investment Group in its tenth deal

URL: https://www.financialadvsr.com/article/aspen-standard-wealth-buys-louisianas-cullen-investment-group-in-its-tenth-a43adf
Published: October 7, 2026
By: Vivian Cole, Deals Correspondent
Section: Deals
Publisher: Financial ADVSR (https://www.financialadvsr.com)

The New York-based RIA holding company has acquired the Lafayette firm, which the deal coverage puts at about $1 billion in assets; terms were not disclosed, according to Private Banker International.

Aspen Standard Wealth has acquired Cullen Investment Group, a Lafayette, Louisiana-based registered investment adviser, according to InvestmentNews and WealthManagement.com. The headlines of both outlets put Cullen at $1 billion, and InvestmentNews described it as having more than $1 billion in assets under management. Private Banker International reported that the price was not disclosed.

InvestmentNews reported that Cullen is the fourth firm Aspen has bought in 2026 and the tenth transaction in an acquisition effort that has run for almost two years. Aspen announced the deal in a Business Wire press release on October 6, 2026.

The size of the combined group is reported differently. InvestmentNews said the addition lifts the total assets Aspen claims across its affiliated firms to more than $16.5 billion. WealthManagement.com described Aspen as a $16 billion RIA holding company. The sources do not explain the gap between the two figures.

The size of Cullen itself is also not uniform across sources. The data provider Fintrx lists the firm with $910 million in assets and 11 employees, below the more-than-$1 billion figure used in the deal coverage. The sources do not say what accounts for the difference.

Cullen was founded in 1986, and InvestmentNews described it as Lafayette's only locally owned and operated full-service brokerage at that time. It is now an SEC-registered RIA that builds customized portfolios around a disciplined value approach, according to InvestmentNews. FA Magazine reported that about 86% of its regulatory assets under management belong to high-net-worth clients, and that the firm also manages assets for institutional clients such as pension and profit sharing plans.

According to the firm's most recent Form ADV, as cited by WealthManagement.com, David Bordes, president and founder, and Stephen Nickel, vice president, are Cullen's principal owners.

Aspen was launched in 2024 by Aly Kassim-Lakha, a former private equity investor, WealthManagement.com reported. InvestmentNews said it is backed by the San Francisco private equity firm Alpine Investors and by Evergreen Services Group. The outlet also reported that Aspen is not itself a registered investment adviser and presents itself as a permanent owner of its partner firms rather than a buyer.

Aspen's earlier acquisitions since its launch include MG Financial, SKY Investment Group, New England Private Wealth Advisors, Martel Wealth Advisors, DHK Financial Advisors and Summitry, according to research drawn from an Aspen Business Wire release. A March 2026 Aspen release announced BlueSky Wealth Advisors of New Bern, North Carolina, which has about $1 billion in assets, and ConnectMoney reported it was acquired on March 9, 2026. Yahoo Finance reported that Denver Private Wealth Management, with about $550 million, was acquired on August 5, 2026.

InvestmentNews noted that industry deal volume is heading for a record year. The sources do not say how the Cullen deal is structured, what role Cullen's owners will have, or whether further acquisitions are planned.

Key facts:
- Cullen Investment Group is based in Lafayette, Louisiana; deal coverage cites more than $1 billion in assets, while Fintrx lists $910 million and 11 employees.
- The deal is Aspen's fourth of 2026 and its tenth overall, per InvestmentNews; the price was not disclosed, per Private Banker International.
- InvestmentNews put Aspen's affiliated assets at more than $16.5 billion; WealthManagement.com called Aspen a $16 billion holding company.
- Cullen was founded in 1986; its Form ADV lists David Bordes and Stephen Nickel as principal owners, per WealthManagement.com.
- Aspen announced the acquisition on Business Wire on October 6, 2026.

Why it matters: Each acquisition by a backed holding company like Aspen gives independent RIA owners another reference point for succession and exit options. Advisors weighing a sale often look at whether a buyer lets the acquired firm keep its brand and clients, though the sources do not describe those terms for Cullen. Firm leaders should note how consolidators are building regional footprints with mid-sized, founder-led practices.

Sources:
- WealthManagement.com: https://www.wealthmanagement.com/ria-news/aspen-standard-wealth-acquires-louisiana-ria
- InvestmentNews: https://www.investmentnews.com/ria-news/aspen-standard-wealth-buys-1b-louisiana-ria-cullen-investment-group/268482
- investmentnews.com: https://www.investmentnews.com/ria-news/aspen-standard-wealth-buys-1b-louisiana-ria-cullen-investment-group/268482
- wealthmanagement.com: https://www.wealthmanagement.com/ria-news/aspen-standard-wealth-acquires-louisiana-ria
- privatebankerinternational.com: https://www.privatebankerinternational.com/news/aspen-cullen-investment-purchase/
- connectmoney.com: https://www.connectmoney.com/stories/aspen-standard-wealth-acquires-1b-north-carolina-ria/
- financialcontent.com: https://www.financialcontent.com/article/bizwire-2026-10-6-aspen-standard-wealth-acquires-1-billion-aum-cullen-investment-group
- fa-mag.com: https://www.fa-mag.com/news/aspen-standard-wealth-acquires--1-billion-aum-cullen-investment-group-88717.html