US-based RIA Lido Advisors has entered into a strategic partnership with middle-market private investment firm Charlesbank Capital Partners.
Under the partnership, Charlesbank will become a significant investor in Lido alongside the founders and management team. The size of the investment has not been disclosed.
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The transaction is expected to close in the second quarter of the year, subject to customary closing conditions.
Founded in 1999, Los Angeles-headquartered Lido serves HNW and UHNW individuals, family offices, corporate executives, non-profit organisations, and foundations.
It offers personalised wealth planning as well as bespoke tax, estate, and legacy solutions to the clients.
Lido manages $9bn in assets and has a national presence, with offices in 12 major metropolitan areas.
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By GlobalDataThe investment comes as the firm seeks to expand across the country both organically and through acquisitions.
Commenting on the development, Lido CEO Jason Ozur said: “We couldn’t be more excited to partner with Charlesbank at this pivotal time for Lido and, more importantly, for our clients.”
Charlesbank managing director and CEO Michael Choe said: “Lido has proven to be an unparalleled home for clients and financial advisors alike, and we are excited to leverage our experience and network to accelerate its organic growth and M&A strategy.”
In January this year, RIA aggregator Hightower made an investment in New York-based Siller & Cohen Family Wealth Advisors, a wealth management firm with $830m in assets under management.
