Emigrant Bancorp, the parent company of Emigrant Bank, has agreed to acquire a majority stake in Fortis Management Group, a provider of family office services for ultra-high-net-worth clients based near Boston, Massachusetts.

The transaction is expected to close in April 2026. Financial details were not revealed.

The deal coincides with the creation of Emigrant Family Office, a new business unit affiliated with Emigrant Bank.

This platform will provide specialised non-investment family office services to wealthy families and registered investment advisors who are expanding their service offerings to more affluent clients.

Fortis, founded by CEO Jay Goldfarb, is set to become the foundation of the new division.

The agreement will bring Fortis’s 14-member team into Emigrant’s existing network, which already includes more than 100 professionals focused on serving high-net-worth individuals and families.

Goldfarb said: “We have known the Emigrant team for many years and share a common vision for the future of family office services.

“By combining Fortis’s deep expertise with Emigrant’s platform, scale, and reach, we have a unique opportunity to redefine both the breadth and quality of services available to wealthy families and the advisors who serve them.”

Emigrant Bank has operated as a family-owned institution since 1850 under the Milstein family.

The bank and its affiliates offer services through several specialised businesses, such as New York Private Bank & Trust, Emigrant Partners, Personal Risk Management Solutions, Cleveland Private Trust Company, Sarasota Private Trust Company, and others.

The Milstein family also manages Summitas, a private platform for family office information management.

Fortis provides customised services including financial reporting, cash management, family governance, and coordination across tax, trust, and estate planning.

Leadership at Emigrant Family Office will consist of Mark Rogozinski as president and Ken Eyler as managing director, both of whom joined Emigrant in 2025 and contributed to developing the new division.

They will work closely with Jay Goldfarb, who will become managing director, and his team as they integrate Fortis’s operations with Emigrant’s wider range of services.

Emigrant Bank and Emigrant Bancorp CEO and chairman Howard P. Milstein said: “For decades, we have built a broad set of specialised capabilities to serve the increasingly complex needs of wealthy families.

“Emigrant Family Office brings these capabilities together into a single, coordinated platform fulfilling a long-standing vision of providing families and their advisors with an integrated solution supported by exceptional talent across our organisation.”