AMG Wealth Partners LP, a subsidiary of Affiliated Managers Group, has acquired a minority stake in Clarfeld Financial Advisors, a New York based firm that oversees US$4 billion in assets.
Following the deal, Clarfeld’s management and employees will hold a majoriy of the equity in the business and will retain operating autonomy to manage the firm.
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As part of the deal, a group of Clarfeld’s senior professionals has made long-term employment commitments to the firm.
The terms of the transaction were not disclosed.
AMG Wealth Partners said it was investing in Clarfeld, a firm founded in 1981 by Robert A Clarfeld that provides comprehensive financial advice to high-net-worth individuals and their families.
Sean M. Healey, AMG’s chairman and CEO, said: "Rob Clarfeld and his team have built a highly regarded advisory business with a loyal client following, a strong culture of risk management and a breadth of services and expertise typically found only at much larger firms."
John Copeland, president of AMG Wealth Partners, said: "Given Clarfeld’s strong brand and competitive position, the firm has outstanding prospects to continue to grow its business.
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By GlobalData"Clarfeld is renowned for its unique ability to assist global executives and their families in solving the complexities of cross-border wealth management, asset transfer and tax preparation. We look forward to working with our new partners to grow their advisory business, particularly in the UK," Copeland added.
Robert Clarfeld said: "Through our affiliation with AMG Wealth Partners, we will retain the essential elements of our firm’s operating culture and three-decade history of success while gaining access to enhanced opportunities for growth, especially in our non-domestic business, given the scale and resources of a global financial partner.
"Diversifying our ownership structure through this transaction will ensure our sustained commitment to client excellence well into the future," he added.
AMG’s affiliate firms collectively manage more than US$470 billion.
