(Bloomberg) -- Pathstone, a New Jersey-based registered investment adviser, is buying multifamily office Veritable as it seeks to expand its business catering to the ultra-rich.
Veritable has 200 clients with average assets of more than $75 million each, the companies said Monday in a statement that didn’t include terms. The Newtown Square, Pennsylvania-based firm offers wealth-advisory services to ultra-high-net worth individuals and families.
The deal will help Englewood-based Pathstone make further inroads with centimillionaires, or people with fortunes exceeding $100 million, Pathstone Chief Executive Officer Matt Fleissig said in an interview. Finding advisers who have relationships with such wealthy clients can be challenging, he said.
“Pathstone’s goal is to be the national brand for the ultra-high-net worth,” he said. The transaction “takes us to the next level.”
Pathstone is acquiring Veritable from its partners and Affiliated Managers Group Inc., which bought the firm in 2012, according to the statement. Its more than 80 employees will join Pathstone as part of the deal, while Michael Stolper, who founded Veritable in 1986, will become the RIA’s co-chairman.
The transaction, which will increase Pathstone’s assets under advisement and administration to more than $100 billion, is expected to be completed in the second half of 2023.
