New York-based Klingenstein Fields Wealth Advisors (KFWA) has agreed to buy the assets of local peer The Solaris Group.
The transaction was executed through KFWA affiliate KF Group.
Financial terms of the deal were not disclosed.
The merged group will manage over $4bn in assets.
The deal is said to be mutually beneficial, with the two companies sharing their physical, investment, human, and technology resources.
KFWA CEO and co-chairman Kenneth Pollinger and president James Fields will retain their existing positions.
Pollinger noted: “With this transaction, KFWA solidifies its position as one of the top independent Registered Investment Advisers in the country, with a commitment to delivering high-quality wealth management and personalised service.
“We identified Solaris as an institution with a high caliber of experienced wealth management professionals who share the same client-centric approach to relationship management and stewardship of their clients’ assets.”
KFWA founding partner Kenneth Fields will now serve as co-chairman and CIO.
Commenting on the deal, Fields said: “The addition of Solaris allows KFWA to expand its range of investment management solutions, with Solaris’ deep expertise in the creation of multi-manager asset allocation portfolios that include traditional ‘long-only’ asset classes as well as alternative investments.”
Solaris co-founders Ralph Sinsheimer, Albert Bellas, and Stephen Brent Wells will hold senior roles.