AMG takes minority stake in wealth management firm

New York firm Clarfeld has about $4B in client assets

Aug 19, 2013 @ 2:22 pm

By

wealth management, acquisition
+ Zoom

AMG Wealth Partners LP, a subsidiary of Affiliated Managers Group Inc., has acquired a minority interest in Clarfeld Financial Advisors LLC, a wealth management firm with about $4 billion in client assets.

In an ownership and management structure similar to many of AMG's other investments, Clarfeld's management and employees will retain operational autonomy and hold a majority stake in the firm.

Clarfeld, founded in 1981, provides comprehensive financial advice to high-net-worth individuals and their families.

“Clarfeld offers a unique value proposition,” said John W. Copeland, president of AMG Wealth Partners. “They've got a niche serving high-net-worth clients in the U.S. and London, particularly. They can bring immense expertise to cross-border tax planning and wealth management.”

"Through our affiliation with AMG Wealth Partners, we will retain the essential elements of our firm's operating culture and three-decade history of success while gaining access to enhanced opportunities for growth, especially in our nondomestic business, " said Rob Clarfeld, the firm's president and CEO, according to a release.

As part of the transaction, a group of Clarfeld's senior professionals has made long-term employment commitments to the firm.

Terms of the transaction were not disclosed.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Building digital relationships with a human touch

The word "robo" has stopped being a four-letter word for financial advisers. But how can it be an asset? Quovo's Jeff Hendren explains.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Brian Block denies cooking the books at Schorsch REIT

Former CFO claims everything he did was 'appropriate' and 'correct.'

Interns will take on several roles at advisory firms this summer

College students are helping with client prep, firm visioning and long-term projects, among other duties.

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

New military pension rules need financial advisers to step up and serve

Matching defined contribution plan expected to see more money, more need for sound advice.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print