One of a $1.4977-trillion-AUM*, multinational, multiboutique asset manager's U.S. shops has sealed its first ever acquisition by snapping up a 15-year-old SMA specialist in Southern California.

David L. Giunta Natixis Investment Managers CEO for the U.S.

Last Wednesday (September 10), Natixis Investment Managers' Gateway Investment Advisers team confirmed that they have finalized their planned acquisition of the business of Belmont Capital, LLC (aka Belmont Capital Group). The deal, which was first unveiled on July 16, closed on August 29.

Colchester Partners advised Los Angeles-based Belmont on the deal. On the legal side, Seward & Kissel, LLP advised Belmont, while Ropes & Gray advised Cincinatti-based Gateway and Boston- and Paris-based Natixis.

"The financial terms of the deal were not disclosed," a Natixis spokesperson tells MFWire via email. "We do not disclose financials for individual Natixis affiliates or entities."

Per Belmont's most recent form ADV**, ownership of the firm was split 50-50 between co-founders Daniel Beckwith and Stephen Solaka. A Natixis spokesperson confirms that Solaka and Beckwith have joined Gateway as senior vice presidents and portfolio managers, reporting to Michael Buckius, CEO and chief investment officer of Gateway.

Prior to the deal, the four-person Belmont team had more than $1 billion in AUM across half a dozen strategies, a Natixis spokesperson confirms, while Gateway (a 48-year-old quant and index-options investing shop that has been part of Natixis for 17 years) had a team of 21 people and about $9.4 billion in AUM* across six strategies (including one CEF, one ETF, and two mutual funds). All but one of Belmont's team members is staying on, the spokesperson adds; thus, the Belmont deal boosts Gateway to 24 people and about $10.4 billion in AUM across a dozen strategies.

"Belmont strategies have been adopted by Gateway and will be renamed as Gateway products," the Natixis spokesperson writes. "Gateway and the new team from Belmont will work collaboratively on new product development under the Gateway brand."

The Belmont team also previously powered their own mutual fund, the Belmont Theta Income Fund, which debuted on April 30, 2018 and was a series of Valued Advisers Trust. Yet on July 15, the day before the Gateway deal was publicly unveiled, the fund board decided to liquidate the fund in light of the impending acquisition. The fund closed on August 27.

"The mutual fund wasn't part of the core growth focus of the combined company," the Natixis spokesperson writes. "The fund was liquidated before closure of the transaction."

The Belmont deal is Gateway's first ever acquisition, and they don't have any others "currently planned," the Natixis spokesperson confirms. She describes the deal as "a significant milestone in Gateway's strategic growth plan."

"The integration of Belmont Capital's expertise will help the firm innovate faster to broaden the array of tailored options-based investment products that Gateway offers clients to include single-stock risk management," the Natixis spokesperson explains. "The deal enhances Gateway's options hedging capabilities and will allow the firm to build out its suite of customization capabilities and work directly with clients, through their registered investment advisors, to solve their individual investing challenges."

"Belmont's integration enhances Gateway's ability to deliver tailored hedging and options strategies to clients," the Natixis spokesperson adds. "It also extends the capabilities of AIA, Natixis IM's direct-indexing platform, by adding options-based overlay strategies, both single-stock and portfolio level, to its tax management toolkit."

When the Belmont deal was first unveiled earlier this summer, Buckius called it "an exciting development" for his team at Gateway.

"[Belmont's] deep expertise in risk management and customized SMA strategies will allow us to accelerate innovation and expand our suite of tax-efficient, options-based investment solutions to meet the evolving needs of our clients," Buckius states.

David Giunta, president and CEO of Natixis' U.S. arm, puts the Gateway-Belmont deal in the context of what he describes as "growing demand from advisors and their clients for personalized, tax-efficient investment solutions."

"The deal with Belmont will allow Gateway to build out its suite of customization capabilities and work directly with clients, through their registered investment advisors, to solve individual investing challenges," Giunta stated when the deal was revealed in July.

On the Belmont side, watch for the Gateway deal to bring new distribution opportunities and a broader product suite.

"The acquisition will allow Belmont to leverage Gateway and Natixis IM's extensive financial advisor network and market presence, enabling it to reach a wider audience, attract new clients and expand its offerings," the Natixis spokesperson writes. "In addition, many of Belmont's current clients can benefit from investing in Gateway's strategies."

"Working together with Gateway, we can team-up on product development, attract new clients and continue to serve current clients in a robust way," Solaka stated when the deal was unveiled in July.

Before co-founding Belmont, Beckwith served as a financial advisor with Wells Fargo and Merrill, and he also worked at Wolverine Trading. He is an alumnus of Michigan State University.

Solaka previously served as a director at Dorchester Capital Advisors, a fund-of-hedge-funds. Earlier, he worked as an FA at UBS, and he had trading roles at TD Securities, Stafford Trading (twice), and Bear Wagner Specialist. He, too, is an alumnus of Michigan State University.

*As of June 30, 2025.

**Filed on March 11, 2025.

Editor's Note: A prior version of this story gave the wrong AUM total for Natixis IM. To confirm, Natix IM now has $1.4977 trillion in AUM across all its boutiques. 

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