- Pathstone welcomes Veritable, one of the first and
largest multi-family offices in the U.S.
- Acquisition adds over $17
billion in assets across 200 clients (averaging $75 million in assets each) and brings
Pathstone's Assets under Advisement & Administration to over
$100B.
- The acquisition strengthens Pathstone's position as the
largest independent Registered Investment Advisor ("RIA") focused
on the ultra-high net worth ("UNHW"), cementing Pathstone's status
as THE Family Office.
ENGLEWOOD, N.J., July 17,
2023 /PRNewswire/ -- Pathstone, a partner-owned
advisory firm offering comprehensive, highly customized investment
advice and family office services, today announced it is joining
forces with one of the first and largest multi-family offices in
the U.S., Veritable LP ("Veritable"). Pathstone is acquiring
Veritable from its management partners and Affiliated Managers
Group, Inc. (NYSE: AMG), a leading partner to independent
investment management firms globally. Upon completion of the deal,
Pathstone's Assets Under Advisement and Administration (AUA) will
exceed $100 billion, with Pathstone
providing services to an additional 200 clients who average over
$75 million in assets.
Matthew Fleissig, Co-Founder and
CEO of Pathstone, commented, "Veritable changed everything in the
UHNW advisory business – they have a rich history of creating what
today we call a multi-family office, and they understand what it
means to deliver differentiating advice to UHNW families. Together
with Veritable, we are creating a firm that is truly in a category
of one. While today marks a significant milestone for Pathstone
surpassing $100 billion in AUA, we
are equally excited to bring together two firms founded with a
mission of providing best-in-class, innovative client solutions.
Together we will leverage the combined knowledge and skillsets of
our organizations to provide an enhanced level of service to our
clients, creating a firm with scale that is unmatched in our
industry."
Founded in 1986 by Michael
Stolper, Veritable is one of the first multi-family offices
in the country built to serve UHNW clients. Veritable is known for
the strength of its investment platform, identifying and seeding
unique managers, innovative investment advice, and family office
services. Through talented team members and a differentiated
investment platform, Veritable has developed long-standing client
relationships and garnered frequent industry recognition as a
leader and innovator across its 36-year history. The Veritable team
is made up of 87 talented individuals based in suburban
Philadelphia, adding an
18th city to the Pathstone footprint. As part of the
integration of Veritable, Michael
Stolper will become a co-Chairman of Pathstone.
"Veritable's mission has always been to be the most trusted
financial advisor in its clients' lives and to cultivate an
environment that embraces innovation," said Michael Stolper,
co-CEO and Founder of Veritable. "We are culturally and
philosophically aligned with Pathstone, and this combination will
allow us to further deliver on our mission and execute on the
generational promise we've made to our clients. While we are proud
of what we have built as Veritable, we look forward to this next
chapter being one of continued growth, collaboration, and
delivering a truly differentiated solution in the independent RIA
space."
"As we have grown, we have been very careful to preserve our
high-touch approach and individually tailored service offerings to
our clients," added Kelly Maregni,
President of Pathstone. "A family orientation, a strong drive to
provide top-of-class advice and consultancy, and remarkable
cultivation of long-term employee and client relationships are the
values that brought us to this point. This acquisition furthers our
mission to provide clients joining the Pathstone family with
unmatched counsel from in-house experts to foster multidimensional
generational growth."
THE Family Office
Upon completion, the Veritable acquisition will add to the
breadth and depth of Pathstone's expertise and capabilities.
Pathstone's focus on using industry-leading technology and
expansive in-house service offerings will further enable the firm
to deliver best-in-class customized support to serve the evolving
needs of its clients and cement Pathstone's standing as The
Family Office.
Colchester Partners, LLC served as the financial advisor and
Cozen O'Connor, LLP served as legal counsel to Veritable. Ardea
Partners LP served as the financial advisor and Alston & Bird
LLP served as legal counsel to Pathstone.
About Pathstone
Pathstone is an independent advisory firm offering
comprehensive family office services and customized investment
advice for families, family offices, and foundations and
endowments. With decades of experience as trusted advisors, we
employ an advocacy-focused model that empowers our clients to
define and achieve their unique long-term goals and support their
legacy. Pathstone is a management-owned and operated company with
significant investments from Lovell Minnick Partners and Kelso
& Company. For more information, please visit
www.pathstone.com.
About Veritable
Veritable is an investment and wealth advisory firm that
provides unbiased, integrated investment advice to families, family
offices, foundations, and endowments. Over the firm's 35+ year
history, Veritable has maintained a client-centric and personalized
approach to client service while being widely recognized as an
industry leader and innovator. For more information, please visit
www.veritablelp.com.
Media Contacts
M Group Strategic Communications, Inc. (for Pathstone)
Pathstonepr@mgroupsc.com
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SOURCE Pathstone