Sequoia is making its maiden foray into Connecticut as it welcomes a $420 million manager to the ultra-affluent into the fold.
On Wednesday, Sequoia Financial Group announced its acquisition of Karpas Strategies, an independent investment manager based in Litchfield, Connecticut. The transaction, finalized on July 31, 2024, integrates Karpas Strategies into the firm’s Sequoia Sentinel Family Office.
"We are thrilled to welcome Karpas Strategies to the Sequoia Financial team," Tom Haught, CEO and president, said in a statement. "With its 30-year history of excellence in client service and multi-generational relationships, Karpas Strategies embodies our shared values.”
Karpas Strategies, founded in 1994 by Matthew Karpas, manages over $420 million for ultra-high-net-worth families, foundations, and trusts. A sizeable chunk of the firm's assets come from long-standing multigenerational relationships, with two-thirds being female-owned.
Based in Akron, Ohio, Sequoia caters to an exclusive client base of high-net-worth individuals and families, for which it manages more than $19.3 billion in assets as of June 30, 2024. It launched Sequoia Sentinel in 2023 to enhance its family office services, which include asset management, tax management, wealth transfer, asset transactions, and charitable planning.
"We're pleased to join forces with Sequoia Financial, continuing our tradition of exceptional, highly personalized service for our clients," said Karpas, a three-decade veteran of the industry. "And we are especially excited for our clients to benefit from the broad and deep resources Sequoia Financial has built and the specialized services available within the Sequoia Sentinel Family Office."
The three-person Karpas Strategies team, including Karpas, Zachary Chernus, and Liz Faraj, will join Sequoia Sentinel, contributing their expertise to the firm.
"We welcome our new colleagues and Karpas Strategies clients to the Sequoia Sentinel family," said Gee Smith, head of Sequoia Financial's ultra-high-net-worth business. "We share a similar outlook and desire to support the unique needs of families with substantial and multigenerational wealth.”
The acquisition adds a Connecticut location to Sequoia's footprint, marking its second office in New England and bringing the total to 15 offices across nine states.
Sequoia Financial has grown both organically and through acquisitions, with six additions since early 2023 including AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, Affinia Financial Group, and M Capital Advisors.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
Advisors discuss their use of AI now and how it will change going forward
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
