The Portland, Oregon-based financial advice company Arnerich Massena, which oversees around $2bn in client assets, has merged with Coldstream Capital Management.

Arnerich Massena was established over three decades ago, and Reegan Rae and Bryan Shipley serve as co-CEOs. The company is employee-owned and run independently, just like Coldstream.

Coldstream will handle assets worth over $10bn at the conclusion of this agreement.

Moreover, Arnerich Massena depends on 19 people and has seven advisers. As part of the cooperation agreement, the company will join Coldstream as Team Rae, and every employee will get stock in Coldstream.

The group offers investment advising services and portfolio management to high-net-worth individuals, families, endowments, and foundations.

A variety of family office-related services are also provided by Team Rae, such as generational wealth planning, family governance, business exit preparation, and legacy planning.

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This merger follows Coldstream’s announcement last month that it had launched Coldstream Risk Management, a subsidiary of the company that was originally known as FIT Insurance, to broaden its strategic client service offerings.

It also comes after an effective acquisition with two other Pacific Northwest financial services companies last fall: Seidman Capital Group, a wealth management firm, and Hersman Serles Almond, an accountancy and consulting firm.

Kevin Fitzwilson, Coldstream’s managing shareholder stated: “We are delighted to merge with Reegan, Bryan, and the rest of the Arnerich Massena team. Joining forces with them is consistent with our longtime mergers and acquisitions strategy, which is laser-focused on aligning ourselves with partners who not only share our values and approach to service but are committed to remaining independent and employee-owned. I’m looking forward to what we can accomplish together.” 

Rae, who is also a managing principal and senior investment adviser with the firm added: “Arnerich Massena has a proud history and a unique set of values, so the decision to combine with another firm didn’t come lightly, nor was it something that happened overnight. Yet, after getting to know Kevin and the other members of Coldstream’s leadership team, it became clear that our two firms share a common operating structure, business vision and, importantly, a focus on culture rooted in service, intellectual curiosity, and integrity.”

Shipley, chief investment officer, managing principal, and senior investment adviser with Arnerich Massena, concluded: “Merging with Coldstream is a continuation of our core philosophy of only doing that which benefits our clients. I am confident this move will enhance our ability to deliver a world-class, boutique-like service experience while still creating new efficiencies, more scale, and expanded investment opportunities for both firms’ clients.”

DeVoe & Company, a significant RIA-focused consulting business and investment bank, represented Arnerich Massena.