Pathstone pushes past $80 billion with acquisition of Brainard Capital

Pathstone, an Edgewood, New Jersey, advisory firm, is deepening its focus on wealthy families with the acquisition of Brainard Capital Management.

Based in Austin, Texas, Brainard is a 19-year-old RIA with $2 billion under management. The deal will push Pathstone’s total assets to more than $80 billion, with offices in 17 U.S. cities.

This marks the second acquisition of 2023 for Pathstone, which has the backing of private equity firms Lovell Minnick Partners and Kelso & Co., Last year Pathstone acquired four firms.

“Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting,” Pathstone Chief Executive Matt Fleissig said in a prepared statement.

“Having known the Brainard team for a number of years, we always believed that working together would be mutually beneficial, and we couldn’t be happier to welcome our new team members in Austin,” he added.

According to Pathstone’s announcement, the Brainard team brings extensive experience advising clients in pre- and post-liquidity wealth structures, which will become part of Pathstone’s expanded suite of services.

Pathstone president Kelly Maregni said part of the appeal of Brainard is access to the “high-growth Austin market.”

“We are eager to begin learning and collaborating with our new team members,” Maregni said.

 Brainard founder Owen Brainard described the two RIAs as “culturally and philosophically aligned.”

“We believe that combining the resources and skill sets of our organizations will enhance our ability to service our clients at all stages of their wealth planning,” he added.  

Details of the transaction were not disclosed beyond that it is expected to close by the end of June.