Milbank, which is a registered investment advisor, has nearly US$500 million assets under management that it oversees on behalf of high-net-worth families.
After the takeover the combined assets of the firm will be nearly US$10.5 billion under management and these include discretionary and non-discretionary assets under management.
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This acquisition will benefit Milbank’s clients who will now have access to Silvercrest’s complete investment management, wealth planning and reporting services.
They will also gain from Silvercrest proprietary value equity and fixed income disciplines and alternative investment advisory services.
According to Moffett Cochran, co-founder and CEO of Silvercrest, it is a "strategic acquisition" and a move to strengthen Silvercrest’s presence in New York market.
Jeremiah Milbank III, chairman of Milbank; David (Zach) Taylor and Peter Tobeason will join Silvercrest as partners.
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By GlobalData"Our dedication to deliver excellent investment performance together with excellent client service will be enhanced by this merger and we are excited to have three new partners who share our vision," Cochran added.
Silvercrest has offices in New York, Boston and Charlottesville and provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.
