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.
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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The 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.