Aspen Standard Wealth, a US-based holding company that partners with registered investment advisory (RIA) businesses, has acquired San Francisco-based wealth manager Summitry.
This move adds $2.8bn in assets under management (AUM) to Aspen’s portfolio. Financial terms of the transaction remain undisclosed.
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Establishment in 2003, Summitry provides access to a range of institutional-grade investing and advisory services.
These services include in-depth financial planning, retirement planning, estate and trust services, as well as equity compensation advice.
Detailing the rationale for the deal, Aspen CEO Aly Kassim-Lakha said: “Summitry embodies everything we seek in a partner: growth oriented, client obsessed, and people focused.
“Aspen offers what successful, leading RIAs like Summitry have long been looking for: a deeply knowledgeable, permanent partner who is there to support them indefinitely. We are the sorely needed alternative to traditional investment firms in that we enable our partners to thrive long term.”
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By GlobalDataSummitry CEO Colin Higgins said: “When I met the team at Aspen, it was clear that they were different. They take a long-term view of everything they do. They care about growing our people, continuing to build on top of the foundation that our team has built, and helping us deliver more for our clients.”
Launched earlier this year, Aspen is backed by private equity house Alpine Investors.
The Summitry deal marks the company’s first acquisition since its inception.
