Hudson Valley Bank (HVB), a wholly-owned subsidiary of Hudson Valley Holding, has agreed to sell A.R. Schmeidler & Co, (ARS), its wholly-owned registered investment advisor and broker dealer firm to Pine Street Asset Management, through their subsidiary Artemis US IV LLC.
The sale will provide ARS direct access to Pine Street’s platform enabling ARS to offer enhanced services and capabilities to better serve their customers.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The transaction is anticipated to close in January next year.
The sale will include a cash payment of $7m, subject to adjustment as provided in the agreement as well as a maximum additional consideration of $8.5m payable over a period of six years following the closing based upon revenue growth in accordance with the agreement.
ARS provides investment management services to HVB’s high net worth customers and trusts.
Stephen Brown, president and CEO of HVB, said: "Pine Street, with offices in Toronto and New York City, specializes in providing HNWI’s and families with a comprehensive range of customized wealth management services."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
