Steward Partners Global Advisory, a Raymond James-affiliated firm, has marked its expansion into the Pacific Northwest by inking an agreement to acquire the wealth management unit of Umpqua Bank.
The wealth management arm operated through Umpqua Investments manages $3.4bn in client assets.
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The business has 23 advisers, who will serve as equity partners and employees of Steward Partners upon deal completion in the first quarter of next year.
Financial terms of the deal were not revealed.
Through the tie-up, Umpqua Wealth Management clients will gain access to enhanced wealth advisory solutions.
The partnership also allows Umpqua to invest more in West Coast businesses that are facing problems amid the ongoing market turbulence.
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By GlobalDataUmpqua Investments CEO Eric Field called Steward Partners an “excellent cultural fit” that will offer more value to its advisers and customers.
Field stated: “Steward Partners has a strong, experienced leadership team and an entrepreneurial growth culture that prioritises adviser independence while providing sophisticated back-end technology and planning tools to deliver exceptional service to clients.”
Steward Partners will be the primary investment partner for the clients of Umpqua Bank.
Commenting on the deal, Steward Partners CEO James Gold said: “Building out our presence on the West Coast has always been key to our growth plans and our goal of a national presence.
“The acquisition of Umpqua Investments’ wealth management business is an important step in this direction and as we welcome our new partners to the Steward Partners family, we will continue to build our momentum on the West Coast well into the future.”
Steward Partners has offices in Newtown, Washington, D.C., Clearwater, Andover, Boston, Baltimore, Bethesda, Portland, St. Louis, Hendersonville, Keene, Manchester, Portsmouth, Paramus, Morristown, Albany, New York City, Conshohocken, Austin, Dallas, Houston, Norfolk and Richmond.
The business manages $16.4bn in client assets.
