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Constellation invests in Connecticut RIA Procyon Partners

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Constellation invests in Connecticut RIA Procyon Partners


Alternative asset management platform Constellation Wealth Capital (CWC) has purchased a minority stake in Connecticut-based RIA Procyon Partners.

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This investment is expected to facilitate growth and operational scaling for Procyon Partners, allowing the firm to recruit professionals and extend its reach into new markets.

Procyon Partners currently manages over $8bn in client assets and has offices in Connecticut, New York City, Long Island, Tennessee, and Maryland.

The firm focuses on institutional retirement consulting and private wealth management, assisting clients in the design, management, and optimisation of their financial strategies.

Procyon Partners CEO and co-founder Phil Fiore said: “CWC shares our commitment to client-first values, innovation, and long-term partnership.

“With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.”

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The resources and capital from CWC will enable Procyon Partners to widen its capabilities, improve advisor support, and establish new offices across major US markets.

Procyon Partners will continue to operate independently, maintaining its focus on fiduciary responsibilities and client relationships. The firm is supported by its back-office partner, Dynasty Financial Partners.

Constellation Wealth Capital president and managing partner Karl Heckenberg said: “heir team has built a compelling, advisor-driven business with a clear growth trajectory. We look forward to partnering with them as they continue to redefine excellence in independent wealth management.”

Houlihan Lokey was the investment banking advisor for Procyon Partners during this transaction, while Dynasty Investment Bank provided support to the management team throughout the process.

In January this year, Virginia-based RIA Bogart Wealth received a minority investment from Constellation to enhance client services, technology, hiring, and marketing efforts while maintaining its independence.

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Connecticut

House fire closes Route 72 in Bristol

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House fire closes Route 72 in Bristol


Emergency crews have extinguished a house fire on Monday morning and part of Route 72 is currently closed.

Firefighters responded to the home in the 100 block of School Street, which is also known as Route 72, around 5:30 a.m.

It was reported that there was fire showing in the back of the building. Firefighters were able to quickly knock it down.

Route 72 is closed between West Street and North Main Street. There is no estimate for the duration of the closure.

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No injuries were reported. All of the residents were able to self-evacuate before fire crews arrived.

The fire marshal is investigating the cause and origin.



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Face the Facts: How cuts could impact health care in Connecticut

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Face the Facts: How cuts could impact health care in Connecticut


Lawmakers in Washington, D.C. are working through the weekend on a reconciliation bill that includes massive cuts to Medicaid. Rep. Joe Courtney (D-2nd District) discusses how those cuts could impact health care in Connecticut.

Mike Hydeck: As the federal budget process continues in Washington, DC, the Trump administration is looking for $1.5 trillion in cuts they say will help make the government more efficient. So far, between buyouts and cuts, 120,000 jobs have been eliminated in the federal workforce, according to The New York Times. Rooting out waste and fraud is part of the goal of the administration, as well. This week, Republican Speaker of the House, Mike Johnson, unveiled a draft of his budget, which includes things like cuts to Medicaid and changes to SNAP benefits, also known as food stamps. Congressman Joe Courtney spoke out about this on the House floor this week, he joins me now. Welcome back, Congressman. You said the speaker needs to go back to the drawing board. Why?

Joe Courtney: Because I think if he listened to the entire hospital sector of our country, from coast to coast, who have taken a look at this proposal and have unanimously denounced it in terms of the damage it’s going to do to the finances of our health care sector and again, we’re talking to Catholic hospitals, children’s hospitals, the larger umbrella group, the American Hospital Association. You know, they realize that if you take $800 billion out of the Medicaid system, which is what this measure proposes to do, it is going to again, put a lot of these facilities on even shakier ground than they are today, cripple their ability to hire more nurses and staff, which is really, you know, something they’re all desperately trying to achieve. Patient groups have also now risen up, whether it’s the American Cancer Society or Alzheimer’s Association, the disabilities community, you know for whom Medicaid really is a life blood sort of system in terms of making sure that people get essential care. Medicaid is again, different than Medicare, different than private health insurance. It’s not awash in cash. I mean, you talk to any doctor or physician out there, the rates that are paid through Medicaid are bare bones, but it does keep people connected to health care coverage. And the Congressional Budget Office weighed in and basically determined, if this measure was to come into law, that basically 8.6 million Americans would lose their health insurance. On top of that, the you know, exchange, you know, Obamacare premium subsidies, which are also hitting a cliff pretty soon, none of those subsidies were extended in the bill. That would add another 6 million people who would lose their their health coverage. So this is not the direction that I think anybody reasonable, reasonably wants to see this country to go.

Mike Hydeck: Among the other things in this plan, Republicans want to have work rep work requirements. Meaning, if you get SNAP benefits or Medicare and Medicaid, you should be required to work a certain number of hours. What’s your position on that? They’ve been talking about this for a while, by the way.

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Joe Courtney: Yeah. So I mean, if you look at the Medicaid program, if you take out people who are on social security and in nursing homes, which I think you know, that’s actually where the real money goes in the Medicaid program. The people who are covered by it are roughly, according to Sean Scanlon, it’s roughly about 75 to 80% are working in the system as it is. And that you know, again, means that really you’re, you’re dealing with people, probably with disabilities, who are not connected to the workforce. What we do know is this program, of, you know, so called work requirements, is going to create extra red tape in terms of administering the program. We know that because Georgia and Arkansas tried to do this, and it was a bust, you know, in terms of just, you know, really the amount of time that was consumed versus whatever return on investment. So, you know, people are going to, people are going to drop off the rolls. The issue of whether or not people on Medicaid are actually working, I think the numbers don’t lie. I mean, it’s not a program for people who are just sitting around playing video games like Speaker Johnson alleged the other day, which really was a, in my opinion, a disgraceful comment.

Mike Hydeck: So as we know, fraud in these programs has been an issue. There’s big cases in Florida. Throughout the country as well. In fact, this week, the Wall Street Journal reported that insurance company United Healthcare is being investigated by the Justice Department for overbilling. Can fraud be found in the system overall, in your opinion?

Joe Courtney: Absolutely. But if you really talk to people who are doing investigations for Medicaid fraud, there’s a whole unit in government in Connecticut that does this. It’s really, the most of the fraud, almost all of it, is in the provider side of the equation, where people, again, are gaming the billing system who are providers. You know, like is being alleged with United Healthcare. So you know, by all means, that effort should be sustained and expanded to make sure that nobody’s gaming the system. But in terms of beneficiaries, people who are recipients, the fraud numbers are tiny, and the value, or the the return on investment, is minuscule, as opposed to rip off artists who are basically running Medicaid mills, as they call them, that you know, that’s where the real fraud money is.

Mike Hydeck: Congressman Courtney, we have to leave it there. I have quite a few more questions. Hopefully we can have you back. We appreciate your time.

Joe Courtney: Happy to do so. Thanks, Mike.

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Connecticut Sun open WNBA season Sunday by hosting Washington Mystics – The Boston Globe

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Connecticut Sun open WNBA season Sunday by hosting Washington Mystics – The Boston Globe


The new-look Connecticut Sun open the WNBA season on Sunday when they host the Washington Mystics at Mohegan Sun Arena in Uncasville, Conn., at 1 p.m. (NBCSB).

Six players, including the entire starting five, are gone from last year’s squad that went 28-12 and lost to the Minnesota Lynx in five games in the WNBA semifinals. DeWanna Bonner. DiJonai Carrington, Tyasha Harris, Brionna Jones, Tiffany Mitchell, and Alyssa Thomas combined for more than 80 percent of the team’s scoring.

Thomas, Carrington, and Harris were moved as part of a four-team trade, with Thomas headed to Phoenix, and Carrington and Harris to Dallas. Bonner signed a one-year deal with Indiana, and Jones a one-year deal with Atlanta.

Among the new faces hoping to lead the Sun back to the postseason for the ninth straight season are veterans Tina Charles, Lindsay Allen, and Jacy Sheldon, as well as 2025 first-round picks Aneesah Morrow (LSU) and Saniya Rivers (NC State). Leïla Lacan, the 2024 first-round pick from France, is also joining the team this year.

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It’s a homecoming for Charles, 36, who spent the first four years of her career with the Sun after they drafted her No. 1 overall out of UConn in 2010. The eight-time All-Star was named Rookie of the Year, then went on to win MVP honors in 2012.

“I’m really excited to be here,” said Charles. “I have a lot of history here from my collegiate time to my first four years professionally.

“I’m very thankful toward the end of my career to be here, to be playing for this franchise as they’re entering a new chapter.”

Among the holdovers are Marina Mabrey and Olivia Nelson-Ododa. Mabrey, who averaged 14.9 points last season, had requested a trade in the offseason, but the Sun are hoping the acquisitions will keep the seventh-year guard out of Notre Dame content. She had nothing but praise for the rookies.

“They’ve been like sponges,” said Mabrey. “They’ve brought energy that is irreplaceable. They come in, they’re smiling, they’re working hard. They want to learn. They bring exactly what they do best to the table also, so it’s hard to not want that around you, it’s hard to not want that on the court, just because they’re new.

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“It’s refreshing, and although they’re going to make mistakes, it’s easy to work through that when you have the mentality that they have.”

Coach Stephanie White, who went 55-25 and led the team to the semifinals in her two seasons, also departed for Indiana to coach the Fever, where she wlll be reunited with Bonner.

The Sun hired Rachid Meziane to take over for White. He led Belgium to a fourth-place finish in the 2024 Olympics, and also served as the coach of the French women’s club Villeneuve D’Asco since 2019. He led the team to a Ligue Feminine de Basketball championship and a EuroLeague runner-up finish during the 2023-24 season.


Follow Andrew Mahoney @GlobeMahoney.

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