Private investment firm Altamont Capital Partners has made an equity investment in Cornerstone Advisors, a Scottsdale, Arizona-based firm that offers advisory services to banking institutions.
Financial terms of the deal were not revealed.
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Through the help of Altamont, which manages assets of over $2.5bn, Cornerstone aims to continue investing in its staff, internal infrastructure as well as data-based offerings.
Churchill Asset Management and LBC Credit Partners provided funding for the deal.
Altamont vice president Wande Olabisi said: “One of Cornerstone’s greatest strengths is its senior leadership team.
“The combination of this team with Altamont’s deep experience growing similar companies, as well as our extensive network in financial services make us a uniquely strong partner to support Cornerstone in capturing the numerous opportunities ahead.”
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By GlobalDataAs part of the deal, Cornerstone founder Scott Sommer will remain CEO while its other founder Steve Williams will remain president.
Sommer stated: “With Altamont’s resources, we are better suited to capitalise on attractive growth opportunities while continuing to provide our clients with the superior solutions and customer experience that they have come to expect.”
In recent times, several advisory businesses have received backing.
Last month, Merchant Investment Management picked a minority, non-controlling stake in wealth advisory firm Corient Capital Partners.
Also last month, investment banker Peter Nesvold’s new merchant bank has picked a minority stake in Stratos Wealth Holdings as its first investment.
Hightower has also made several investments recently.
These include investments in Argent Wealth Management, Stearns Financial Group, Teak Tree Capital Management, Private Vista, and Frontier Investment Management.
