California-based RIA EP Wealth Advisors has acquired Homewood Capital Management, expanding its reach in the Greater San Francisco region to include the Danville area.
The deal, who financial terms were not revealed, strengthens EP Wealth’s overall financial planning expertise and boosts its assets under management by over $120m.
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Established in 1994 by William Wee, Homewood offers customised financial planning services to high-net-worth individuals and families.
EP Wealth will absorb the entire Homewood team, including Wee, as part of the transaction.
Wee will become a senior wealth adviser at EP Wealth.
Commenting on the deal, Wee said: “I am thrilled to align with EP Wealth under a united mission of providing comprehensive, holistic and personalised planning solutions for our clients. I am eager to expand and leverage EP Wealth’s extensive offerings, resources and solutions for my clients.”
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By GlobalDataEP Wealth president and CEO Patrick Goshtigian said: “The team at Homewood embodies the same dedication to clients’ overall well-being that we value at EP Wealth.
“Their team has an established history of providing top-tier service and demonstrating a commitment to clients’ every day financial needs, which aligns closely with our team’s overall philosophy. We are excited to be partnering with Billy and his team as we expand our presence in the Northern California region.”
The latest deal, which marks EP Wealth’s 16th transaction, advances its ongoing consolidation activities.
The firm, which took an investment from Wealth Partners Capital Group (WPCG) in July 2017, completed acquisitions in Texas, California, Colorado, Washington, Arizona, Illinois, and Utah.
In February this year, EP Wealth Advisors acquired the business of Abbas Heydary, adding financial planning expertise to its Torrance base.
It followed the company’s takeover of NewFocus Financial Group in January.
