PALM BEACH, Fla. – Dec. 18, 2008 – GenSpring Family Offices, a wealth management firm exclusively for ultra high net worth families, announced today that it has signed a definitive purchase agreement to acquire Cymric Family Office Services. Based in Costa Mesa, California and founded by current CEO and President Patricia M. Soldano in 1987, Cymric Family Office Services is a leading independent multi family office serving clients in California and other states. The combined firm will have more than $17 billion in assets under advisement. The parties plan to close the deal by the end of the year, subject to satisfaction of various customary closing conditions. Terms of the transaction were not disclosed.
“I am thrilled and humbled that Cymric Family Office Services has decided to join us in our mission to serve and exclusively represent the interests of our client families and in so doing to transform the field of wealth management,” said Maria Elena Lagomasino, CEO of GenSpring. “They are a natural fit. Pat Soldano is a long-recognized wealth management services leader across the U.S. She and her well-respected team share our values and culture, and deep passion for working with families. The acquisition of Cymric will put more power on the side of wealthy families and will accelerate us toward our goal of market leadership through national and international growth.”
“GenSpring represents the future of wealth management, a future that we’re excited to be a part of,” said Patricia M. Soldano, CEO and President of Cymric Family Office Services. “Our similar approach, focused on the family and totally unconflicted and transparent, meets the unique needs and challenges of ultra high net worth families, helping them to best navigate the current challenging economic environment while positioning them to take advantage of the opportunities it has created. We will continue to deliver innovative, proven thinking and solutions to our client families and are excited about being a part of the movement GenSpring is leading in the field of wealth management.”
(more)
Once limited to a few of the world’s wealthiest families, the benefits of the family office are rapidly becoming known to a wider circle of ultra high net worth clients. Today, more than 700 families around the world trust GenSpring to oversee all aspects of their financial lives. Unlike traditional wealth management firms, GenSpring is uncompromising and unconflicted in its ability to solve the challenges wealthy families face and which keep them up at night. GenSpring has created a community of wealthy families and wealth management professionals who share similar values and together put unprecedented control, power, knowledge and opportunity squarely on a family’s side of the table.
About GenSpring Family Offices
Founded by families for families in 1989, GenSpring Family Offices, an affiliate of SunTrust Banks, Inc. (NYSE:STI), is one of the nation’s premier wealth management firms for ultra high net worth families. With over $17 billion in assets under advisement, GenSpring, including its affiliate GenSpring International, LLC, has been chosen by more than 700 families to manage their wealth for generations. GenSpring is headquartered in Palm Beach Gardens, Florida and has local family offices in Atlanta, Charlotte, Costa Mesa, Greenwich, New York City, Miami, Orlando, Palm Beach, Phoenix, Tampa Bay, Sarasota, and Washington, DC. Named 2008 Multi-Family Office of the Year by Institutional Investor, GenSpring was also recognized as one of the fastest growing multi-family offices of the year by Family Wealth Alliance. For more information please visit www.GenSpring.com.