Lido Advisors, a Los Angeles-based wealth advisory firm with over $24 billion in regulatory assets under management, has announced a milestone deal to extend its presence in the Midwestern market.
The RIA announced that it's acquiring Pegasus Partners, a Mequon, Wisconsin-based firm with more than $3 billion in assets as of the end of 2023. The deal aims to expand Lido’s services to ultra-high-net-worth families in the Midwest and enhance its existing offerings.
Founded in 2015, Pegasus Partners focuses on comprehensive wealth management and family office services for UHNW clients, including investment management, family wealth transfers, and alternative investments. All 22 members of the Pegasus team, including founders Todd Krieg and Matt D’Attilio, will join Lido, with most assuming partner roles.
"In Lido, we saw a partner who shares our mission of putting client interests first, and serving them with deep investment capabilities, selective alternatives, and advanced wealth planning," Krieg, chief executive officer of Pegasus, said in a statement. "Together, we will work to continuously enhance the investment and wealth planning advice that we offer to the families, foundations, and institutions we work with."
Jason Ozur, chief executive officer of Lido Advisors, said Pegasus was "an obvious fit with our strategic vision" given the "cultural alignment" between the two firms, as well as the "opportunity to expand across the Midwest."
Lido’s president Ken Stern also highlighted Pegasus’ expertise in serving UHNW families. "The Pegasus team exemplifies [a] steadfast commitment to specialized expertise and the highest ethical standards," Stern said.
The deal with Pegasus extends Lido Advisors' operational footprint across the US, which includes 15 offices serving clients through a combination of investment management, financial planning, and family office services.
In December last year, the California-headquarterd RIA extended its reach into England's HNW market with a deal to acquire Claybrook Capital, a Boston-based RIA. That transaction saw Jerry Nigro, Claybrook's founding partner and a veteran of Goldman Sachs, UBS, and Robertson Stephens, join the Lido team as a director and senior wealth manager.
In 2022, Lido acquired Enterprise Trust & Investment Company, a California-based trust company managing $800 million. The prior year, Lido secured backing from private equity firm Charlesbank Capital Partners, which secured a "significant" stake in the LA-based RIA that at the time was overseeing just over $9 billion in AUM.
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