Hartland & Co, a US-based institutional and private wealth advisory firm, has completed the acquisition of independent wealth advisor Plimsoll Mark Capital from Zephyr Management.
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As part of the acquisition, Plimsoll will now operate as a wholly owned subsidiary of Hartland but will continue to operate under its current name for the foreseeable future, said Hartland president and CEO David Fulton to Crain’s Cleveland Business.
The deal will expand Hartland’s footprint outside the Northeast Ohio and also add five new Plimsoll’s staff to the group, which currently employs 55 staff at its downtown Cleveland office.
Financial terms of the transaction, which underlines Hartland’s strategy for organic and geographic growth, were not disclosed.
Hartland advises about 70 institutions and about 250 private families and individuals globally with nearly $15bn in combined assets. Plimsoll advises between 100-125 families and individuals on more than $300m in assets.
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By GlobalDataFulton added: "It’s that combination of an institutional investment approach with private client service. The rigor that goes into working with institutions has really played out for us on the private client side."
Fulton said that he intends Hartland to expand further into the Midwest.
Fulton added: "We’re always open to it. We would love to find firms that would fit the way we look at the world."
