Rockefeller Capital Management has agreed to buy California-based multi-family office Financial Clarity for an undisclosed sum.
Financial Clarity manages around $2.3bn in assets, offering financial planning services to venture partners and executives in Silicon Valley.
As part of the deal, the company’s founder Stan Young will assume the role of managing director and senior client adviser at Rockefeller.
“Since our founding, we have advised wealthy families on multi-generational planning, trust and estates structuring, investment advisory and areas of philanthropy that are most important to them. I greatly look forward to becoming a part of the Rockefeller team to continue this tradition,” Young noted.
The deal, anticipated to complete in the final quarter of this year, expands Rockefeller Global Family Office to Northern California.
Global Family Office president Timothy O’Hara said: “Stan is a pioneer in the space, early in launching a multi-family office to serve the broad needs of the ultra-wealthy with an unwavering commitment to clients.
“Financial Clarity’s distinctive business model, client base and collaborative culture make it an ideal fit with the Rockefeller Global Family Office.’’
The latest acquisition comes shortly after the launch of Rockefeller’s San Francisco and Los Angeles outposts.
The business caters to UHNWIs, institutions, and corporations, providing family office, asset management and strategic advisory services.
At the end of last year, the firm acquired Connecticut-based private investment manager Greer Anderson Capital.