Angeles Wealth Launches 'Goldilocks' Family Office After XO Acquisition

SANTA MONICA, CA – January 13, 2026 – In a strategic move designed to redefine comprehensive services for the ultra-wealthy, Angeles Wealth Management today announced the acquisition of boutique firm XO Capital and the simultaneous launch of its new affiliate, Angeles Family Office (AFO). The deal creates a powerful, integrated platform that combines institutional-grade investing, personalized wealth advisory, and a full suite of family office services under a single roof.

This initiative marks a significant expansion for the Santa Monica-based firm, which oversees more than $2.6 billion in assets. By absorbing the specialized team and capabilities of XO Capital, Angeles is positioning AFO to compete directly in the rapidly growing and highly competitive multi-family office sector. The new entity aims to provide a seamless, high-touch experience for generationally wealthy families, handling everything from complex investment strategies to daily financial administration.

The 'Goldilocks' Solution for Generational Wealth

The central premise behind Angeles Family Office is to create a service model that is neither too large and impersonal nor too small to lack institutional rigor. Jonathan Foster, President and CEO of Angeles Wealth, described the vision as the “'Goldilocks' of family office offerings – not too big, not too small but just right.”

“Families need flexibility when choosing services that fit their priorities, paired with disciplined investing that’s too often missing in the family office world,” Foster stated. “Without the resources of a true institutional investment firm and the experience and network for thoughtful estate planning, a family risks missing the very opportunities that drive lasting returns and wealth preservation across generations.”

AFO’s structure is designed as a three-pillared approach. It leverages the core strengths of its parent and affiliate firms: the personalized wealth advisory of Angeles Wealth Management; the institutional investment engine of Angeles Investment Advisors (AIA), an OCIO powerhouse with over $7 billion in discretionary assets; and the bespoke family office platform brought in from XO Capital. This integration forms what the firm’s new leadership calls a “trifecta of high-end financial services.”

Jason Oclaray, co-founder of XO Capital and now President of AFO, elaborated on this synergy. “Combining the wealth management capabilities of Angeles Wealth, the institutional investment resources of AIA and XO’s family office platform creates a trifecta of high-end financial services,” he said. “We’re the family’s executive office, and if they need it, we’ll make it happen with the depth of resources now at our disposal.”

Strategic M&A Fuels Expansion in a Hot Market

The acquisition and launch are not happening in a vacuum. The move is a calculated step in a broader growth strategy, underscored by Angeles Wealth’s recent appointment of Jonah Cave as Chief Growth Officer in November 2025, who was explicitly tasked with spearheading inorganic growth. The acquisition of XO Capital, a firm with approximately $186 million in assets, represents a clear execution of that mandate.

The market for family office services is booming, with industry analysts projecting the global market to grow from $20.6 billion in 2025 to over $38 billion by 2035. This growth is fueled by an increasing number of ultra-high-net-worth individuals seeking sophisticated, centralized solutions to manage complex financial affairs and ensure smooth intergenerational wealth transfer. This intense demand has spurred a wave of consolidation and expansion across the industry.

Major players like Rockefeller Capital Management and Northern Trust have also been aggressively enhancing their multi-family office capabilities. Angeles Family Office enters this competitive landscape with a distinct value proposition rooted in its deep institutional investment heritage, a feature not all MFOs can claim. By providing clients access to the same caliber of investment process and opportunities available to large endowments and foundations via its affiliate AIA, AFO is betting it can attract families who prioritize investment sophistication alongside personal service.

Integrating Expertise: The Minds Behind the Merger

The success of Angeles Family Office will hinge on the integration of talent and culture from the merged entities. The leadership of the new affiliate will be helmed by the founders of XO Capital, Adam Stern and Jason Oclaray, who will serve as CEO and President, respectively. Their experience is central to the venture's credibility.

Stern, prior to co-founding XO Capital in 2021, was instrumental in establishing the West Coast multi-family office operations for Geller Advisors, giving him direct experience in scaling this exact business model. His career has been dedicated to serving the intricate needs of complex families. Oclaray brings a complementary focus on operational excellence and client service.

Stern highlighted the cultural alignment between the firms as a key driver for the deal. “Our team has collectively dedicated our careers to serving family offices. Our experience and culture at AFO is a significant advantage in serving complex families,” he noted. “Like XO, Angeles Wealth and AIA are employee-founded and owned, with a legacy of investing according to the principles of endowments and foundations – making AFO the perfect partner for the types of families we work with, taking a holistic view of every aspect of a family’s mission and goals.”

Beyond the Balance Sheet: A Holistic Approach to Family Needs

While sophisticated investment management is a core pillar, the ultimate promise of AFO is to simplify the lives of its clients. The integrated model is designed to address a common pain point for the ultra-wealthy: the operational burden of managing significant assets and the fragmented advice received from a roster of disconnected professionals.

AFO will act as a central coordinator, offering a comprehensive suite of services that extend far beyond portfolio management. These include customized financial reporting, cash-flow management, bill pay, philanthropic coordination, and seamless collaboration with a family’s external tax and legal advisors. This allows family members to offload administrative and financial complexities, freeing them to focus on their personal and professional passions.

The firm aims to become an indispensable partner, effectively acting as the chief operating officer for the family enterprise. By building a single, trusted team to oversee the full spectrum of a family's financial world, Angeles Family Office is making a strategic bet that the ultimate luxury for its clients is not just the preservation and growth of their wealth, but the reclamation of their most valuable asset: time.