Emigrant Partners, a subsidiary of New York Private Bank & Trust, has completed a minority investment in Verdence Capital Advisors, a financial planning and wealth management firm managing $3 billion and headquartered near Baltimore.
Terms of the investment were not disclosed.
Verdence said it will use the investment to invest in its platform, expand its team and develop a national footprint through M&A.
Verdence was founded in 2012 as Kelly Wealth Management. In 2017, it rebranded as Verdence Capital Advisors after separating from Hightower Advisors, the company said in a release.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
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