Private equity firm Lightyear Capital has bought Emigrant Bank’s majority stake in HPM Partners, an investment and wealth management firm based in New York.

HPM Partners offers investment and wealth management services from its offices in Bloomfield Hills, Chicago, Cleveland, Los Angeles, New York, and Orange County.  The firm has a client base of more than 1,700 and manages over $9bn in assets.

Commenting on the deal, Lightyear managing partner Mark Vassallo said: “HPM Partners is a leader in providing important wealth management, executive financial counseling and financial wellness coaching services to individuals across the U.S. We are pleased to work with the management and employee owners of HPM Partners to help build on their successful track record.”

The companies have not disclosed the financial terms of the transaction.

HPM Partners president and CEO Kurt Miscinski said: “We selected Lightyear due to its strong business acumen and deep knowledge of our business and services. Lightyear’s investment will enable us to continue our growth as an employee-owned firm.”