Arax Investment Partners, the wealth management platform backed by RedBird Capital Partners, has expanded the role of its chief financial officer, Diego Galan, to include the title of chief operating officer. The move, announced Tuesday, places Galan in charge of operations, technology, mergers and acquisitions, and human resources, while he retains his CFO duties.
Galan, who has been with the New York-based firm since 2022, steps into a newly created position. He succeeds John O'Connor, the previous COO, who will transition to Arax's Project Management Office to focus on strategic initiatives across the firm. The reorganization consolidates the firm's dealmaking and the integration of those acquisitions under a single executive, a structure that founder and CEO Haig Ariyan said formalizes the broader role Galan has played since the firm's inception.
“From the outset, he has played a central role in building Arax into what it is today, with leadership that has extended well beyond finance,” Ariyan said in a statement. Galan echoed that sentiment, noting that the new structure will help the firm coordinate its core functions as it scales. “We have tremendous momentum and an extraordinary opportunity ahead of us,” he said. “As we continue to scale, greater coordination across our core business functions will allow us to execute with the discipline and speed our next phase of growth requires.”
Galan brings nearly two decades of experience in financial services, strategy, and technology. Before joining Arax, he co-founded the wealth management fintech Bento Engine and served as its COO. Earlier in his career, he held senior leadership roles at Raymond James and Deutsche Bank and worked as a consultant at Boston Consulting Group. His background in both fintech and Wall Street is expected to support Arax's ambitions to grow through acquisitions and integrate them efficiently.
Arax, founded by Ariyan in 2022, makes strategic control investments in established RIAs and advisor teams, taking majority stakes while allowing partner firms to maintain client relationships. The firm's dealmaking momentum has been robust in 2026. The year began with the February addition of Cleveland-based GFP Private Wealth, followed by Omni Financial Advisory Group of Poughkeepsie, New York, in March. In June, Arax acquired Coral Gables, Florida-based Millares Asset Management, a family-run wealth and tax practice with more than three decades of history. The following month, it agreed to buy Transcend Capital Advisors, a $3 billion RIA based in Madison, New Jersey, marking its largest acquisition to date.
The broader RIA M&A market has been active as well. According to a snapshot by Berkshire Global Advisors, there were 225 transactions involving RIAs with at least $100 million in assets in the first half of 2026, up nearly 40% from 162 in the same period a year earlier. That trend is reflected in industry forecasts of 500 deals for the year, driven by private-equity-backed buyers.
The C-suite reset comes shortly after Arax announced a strategic partnership with KingsRock Advisors, an independent global advisory firm. The deal, revealed last week, gives Arax clients access to private capital markets services, including capital raising, structured financing, and strategic transaction advisory. It also reinforces the investment banking capabilities Arax already had. Ariyan noted that advisors have deep relationships with business owners and sees significant opportunity to support them beyond traditional wealth management needs.
With Galan now overseeing both the financial and operational sides of the firm, Arax is positioning itself to execute its growth strategy with greater discipline. The firm's wealth management business currently oversees more than $45 billion in client assets, and the new structure is designed to ensure that future acquisitions are integrated smoothly and that technology and operations keep pace with expansion.
