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Financial Services News: Kayne Anderson Capital Advisors, RBZ

Private equity and debt giant Ares Management is close to acquiring fellow Century City money shop Kayne Anderson Capital Advisors, according to a report from Bloomberg. Ares has $87 billion under management and owns majority stakes in consumer goods firms including Dallas luxury department store chain Neiman Marcus Group and Commerce retailers 99 Cents Only Stores and Smart & Final Stores Inc. Kayne Anderson manages $29 billion, much of it invested in the oil and gas industry. The deal would be paid for in a combination of cash and stock and no purchase price was reported. An Ares spokesman said the firm’s policy is not to comment on market rumors or any potential action it might be contemplating. A Kayne Anderson spokesman declined to comment. Both firms’ chief executives, Tony Ressler at Ares and Ric Kayne at Kayne Anderson, appeared on the Business Journal’s most recent list of Wealthiest Angelenos. Ressler placed 35th, with an estimated net worth of $1.6 billion, while Kayne finished No. 49, at $1.2 billion. West L.A. accounting firm RBZ announced Thursday it will join Armanino of San Ramon, the largest accounting and consulting firm based in California by revenue. The combined firm will keep the Armanino name, though it will retain RBZ’s Wilshire Boulevard office, as well as the firm’s partners and staff. The deal gives Armanino its first office in Los Angeles, a market Armanino accountants have been visiting frequently. The Bay Area firm is on track to generate $155 million in revenue this year, compared with RBZ’s expected $40 million. Together, they will have 750 employees. Though Armanino is a much larger firm and the new entity will keep the Armanino name, the firms are calling the deal a merger, not an acquisition. Financial terms were not disclosed. The merger boosts Armanino’s presence in Southern California, where it presently has just one office – in San Diego. The firm also has offices in San Francisco, San Jose and Santa Cruz, as well as in the Chicago suburbs and in Portland, Ore.

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