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November 7, 2019

Advisory firm Pathstone receives backing from Lovell Minnick Partners

American advisory firm Pathstone has secured an investment from private equity firm Lovell Minnick Partners (LMP).

The investment is said to be “significant”, though other financial details were not revealed.

As per the agreed terms, Pathstone will retain its operational independence and its current leadership.

LMP also intends to offer strategic guidance to drive the growth of the advisory firm.

The deal’s completion is anticipated by the final quarter of 2019.

LMP partner Brad Armstrong said: “One of our reasons for investing in Pathstone is our shared commitment to incorporating Environmental, Social, and Governance (ESG) considerations in our investment criteria.

“We each believe it is additive to performance and beneficial in aligning our investment portfolios with our clients’ values.

“Inclusive of its legacy firms, Pathstone has been actively investing in sustainable and socially responsible investing strategies for nearly two decades and today has one of the most attractive ESG and impact investing platforms we have seen in the wealth management industry.”

Meanwhile, existing Pathstone partner Fiduciary Network will exit its interest in the firm completely.

Pathstone president Matt Fleissig said: “With our partnership with LMP, we continue our focus on investing financial and intellectual capital in further developing client solutions.”

At the same time, Pathstone will increase its employee ownership to 48 by adding 16 of its existing staff as new shareholders.

The firm, managing over $15bn in assets, offers family office, wealth and investment services.

Its clientele of around 300 includes multi-generational families, single family offices, HNWIs, and institutions, while its staff headcount is over 100.

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