Hokanson Associates, a San Diego-based wealth management firm, has signed an agreement to merge with wealth manger Aspiriant by year-end 2015.
As part of the merger, Hokanson partners will contribute assets of their firm in exchange for ownership shares in Aspiriant, while former Hokanson partners will be Aspiriant owners and all staff will be offered jobs.
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The merger will add a fourth California office to Aspiriant, which already has offices in Los Angeles, San Francisco and Irvine, as well as in New York, Boston, Minneapolis, Milwaukee and Cincinnati.
Hokanson Associates manages $570m in assets under management with 270 clients and 12 employees. Aspiriant has $8.4bn of assets under management and advisement, 950 clients and 135 employees in eight cities across America.
Aspiriant CEO Rob Francais said: "This merger represents the continuing strength of Aspiriant’s client service strategy.
"Our strategy focuses on expanding our talent pool so we can bring that collective wisdom to each client relationship and on growing our asset base so we can transform the investor experience by leveraging the additional scale to achieve better pricing, efficiencies and access to investment opportunities."
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By GlobalDataHokanson Associates president Neil Hokanson said: "Through this merger, we will immediately realize many benefits for our clients."
