AMG Wealth Partners has reached an agreement to acquire a majority equity interest in myCIO Wealth Partners, which manages $7bn in assets for wealthy clients.
Upon completion of the deal, the management partners of myCIO will still hold a substantial portion of the equity of the business and will be responsible for its day-to-day operations.
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Based in Philadelphia and founded in 2005, myCIO is led by senior partners David Lees, James Biles and Paul Bracaglia and provides advice on financial, tax and estate planning, asset allocation and investment management to corporate executives, families, endowments, trusts and retirement plans.
AMG said that myCIO’s senior professionals have agreed to long-term commitments with the firm as part of the deal.
AMG Wealth Partners president John Copeland said: "We look forward to helping expand their capabilities to a broader client base while setting the course for incremental future growth."
Lees said: "Our partnership with AMG Wealth Partners allows us to continue our focus on serving clients, while ensuring our long-term independence and autonomy.
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By GlobalData"We believe that AMG Wealth Partners will play an important role in supporting our growth and scale while further strengthening our ability to meet the current and future needs of our clients."
The terms of the deal were not disclosed.
