Snowden Lane Partners, a US-based wealth advisory firm serving HNW individuals, families, and institutional clients, has received a new $100m credit facility.

This facility, arranged by Apogem Capital and Monroe Capital, is said to support Snowden Lane’s growth momentum.

The wealth adviser, founded in 2011, will use the facility to ramp up its recruiting efforts.

It also looks to place itself for sustained growth this year and beyond utilising the credit line.

Snowden Lane managing partner and CEO Rob Mooney said: “We’re excited to kick off the new year with this announcement, as this additional, non-dilutive capital will allow us to execute our vision for the firm’s next stage of growth.

“We are extremely grateful for Estancia’s support. Estancia continues as a committed partner since the early days of our business and played a crucial role helping Snowden Lane realise its potential.” 

Snowden Lane recruited more than $1.5bn in client assets along with ten advisers last year, and in 2021 it recruited $2.4bn in client assets and 13 advisers.

It claims to be one of the fastest growing companies in the independent registered investment advisor (RIA) segment. 

The hybrid RIA and broker-dealer has a workforce of 132, including 72 financial advisers.

It has 12 offices around the US, which includes its New York City base.

The firm also has a presence in Pasadena, San Diego, New Haven, Coral Gables, Chicago, Pittsburgh, Baltimore, Salisbury, Bethesda, San Antonio, and Buffalo.

Estancia managing director and co-founder Takashi Moriuchi called Snowden Lane a key player in the independent wealth management sector.

“As Snowden Lane’s partner, we believe this financing provides even more support for management to continue attracting amazing financial advisers leading to even greater growth,” Moriuchi noted.