AMG takes minority stake in wealth management firm

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

Aug 19, 2013 @ 2:22 pm

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wealth management, acquisition
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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.

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