Homrich Berg (HB) has acquired Buckhead-based $1.5bn registered investment adviser (RIA) Oakbridge Partners to expand its presence in Atlanta for an undisclosed amount.
The transaction is expected to close at the end of next month.
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The deal takes HB’s assets under management (AuM) to more than $13bn and strengthens its position in Atlanta’s fiduciary wealth management segment.
Founded in 1974, Oakbridge caters to more than 480 families across 19 states across the country.
As agreed, Oakbridge principals Warren Wick II, Jennifer Storey, William Cohen, Eric Toole, and Brandon Downs will join HB.
The addition of the new team is expected to boost the firm’s capabilities across a spectrum of planning and investments issues.
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By GlobalDataOakbridge team, comprising a number of younger associates and client service operations leaders, will continue to work out of its current office until HB’s office expansion project at Three Alliance Center completes in 2023.
HB will offer the firm the internal resources, executive management, private investments, and technology platform to better serve its clients.
Commenting on the deal, Cohen said: “We hit a critical point in our growth and had to make an important decision to either add infrastructure – including management, investment solutions, and technology – or to partner with a firm with those capabilities.
“We have great respect for what our friends down the road at HB have built, and are excited to join the firm and be part of the firm’s growth trajectory in the Southeast.”
Last year, Atlanta-based Homrich Berg open a new office in Palm Beach, Florida, to expand its footprint across South Florida.
The firm currently manages over $10bn for more than 2,000 family relationships across the US.
