Emigrant Partners has made a strategic non-voting minority investment in Dallas-based Beaird Harris Wealth Management.
Financial terms of the deal were not disclosed.
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Beaird Harris is a fee-only registered investment adviser with $1.3bn in assets under management.
The firm provides investment management, financial planning, business advisory, tax, accounting, business consulting, family office and retirement plan services. Its customer base consists of individuals, healthcare professionals, families and businesses.
Emigrant CEO Karl Heckenberg said: “Beaird Harris has an extraordinary bench of young talent in an incredibly attractive market. We are always hyper-focused on making sure the next generation of leaders are as excited about working with Emigrant, as we are with them, to help scale and grow their firm for the next decade and beyond.
“Beaird Harris, with its scale, depth and breadth of capabilities, uniquely positioned alongside its Certified Public Accounting affiliate, has developed an outstanding comprehensive service offering for its clients and we are excited to begin working with them on strategic opportunities.”
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By GlobalDataUnder the terms of the deal, Beaird Harris co-founder and managing partner Pat Beaird will continue to maintain full control of the firm.
Commenting on the deal, Beaird added: “As we looked to build on our momentum and enter our next chapter, we sought a partner who could not only provide a strategic capital infusion, but whose approach, values, and interests were a strong match to support our expansion and succession planning objectives.
“Emigrant’s history, collaborative culture, and embrace of employee-owned, founder-led firms made it an excellent fit to realise our vision for the future.”
New York-based Emigrant Partners makes non-voting minority investments in wealth, asset, and alternative asset management firms.
Last year, Emigrant Partners acquired a minority stake in Stratos Wealth to help the latter’s balance sheet capital to make more investments in its business.
