Emigrant Partners’ CEO and president, Karl Heckenberg, didn’t mince words when he said Emigrant was bringing in $20 billion in total assets after selling two firms to CI Financial.
The private equity firm and New York Private Bank & Trust subsidiary that is headquartered in Midtown East in New York announced Thursday that it took a minority stake in Gerber|Taylor Capital Advisors, a multi-asset-class investment management and advisory firm.
Gerber|Taylor, based in Memphis, Tenn., with additional offices in Virginia and Texas, boasts $6.3 billion in assets under management and $7.5 billion in assets under advisement across individuals, family offices, endowments, foundations and retirement plans.
Financial details of the transaction were not disclosed.
Gerber|Taylor’s CEO and co-founder, Charles Gerber, said the deal helps the firm “support our client mission” and forge a multigenerational firm that involves succession planning and planning for the legacy of the firm.
“We will significantly benefit from their capital support, global network and vast resources,” said Gerber in a statement.
This transaction is Emigrant’s second investment made this week. Yesterday, the PE firm announced it had completed a minority investment in Verdence Capital Advisors, a registered investment advisory in Baltimore with $3 billion in AUM. Heckenberg said Emigrant has another investment coming sometime this year.
