Emigrant Bank-Backed RIA Buys NYC-Area FirmEmigrant Bank-Backed RIA Buys NYC-Area Firm
Emigrant Bank's parent company, New York Private Bank & Trust, is charting a path for banks wanting to participate in the wealth management space.
Following Emigrant Bank’s acquisition of Fiduciary Network last year, Fiduciary Network-backed RegentAtlantic is merging with wealth management firm Hillview Capital Advisors, based in New York City. The combined firm, which will be marketed under the RegentAtlantic brand, will have roughly $4.7 billion in assets under management and advisement, according to a statement provided by RegentAtlantic.
Under the guidance of Karl Heckenberg, Emigrant Partners CEO and president, Emigrant Bank is on a mission to aggregate registered investment advisors, with Fiduciary Network providing financing for over a dozen firms representing nearly $40 billion in client assets. Emigrant had already invested $155 million in support of RIA financing as of last year.
“We’ve long known the Hillview team and have always thought that our firms would fit well together, as we both offer complementary strengths. This merging of forces is certain to benefit both firms’ clients,” said George Stapleton, CEO of RegentAtlantic, in a statement. He will lead the combined firm. Both Hillview CEO David Spungen and President Jonathan Hochberg will continue in senior leadership roles in the combined firm.
