M and A
Deals Of The Day: The Latest In Wealth Management M&A - Pacific Ocean
The latest M&A deals in wealth management across North America.
Private Ocean
San Rafael, Marin County-based wealth management firm Private Ocean has
bought Mosaic
Financial Partners, a San Francisco-based registered
investment advisory firm.
Mosaic has $620 million in assets under management as of the end of August. The purchase price of the deal was not disclosed.
“Having started in this industry more than thirty years ago with one of Private Ocean’s founding firms, I am confident in the consistency of our values and commitment to clients,” Norm Boone, founder of Mosaic Financial Partners, said.
The deal comes just under a decade after Private Ocean was formed. The organization was put together by two venerable San Francisco firms, Salient Wealth Management and Friedman & Associates. The business was founded by Richard Stone and Greg Friedman and oversees over $1.5 billion in assets under management as of August 31, 2018.
In January, Private Ocean acquired Lakeview Financial Group, a Seattle-based registered investment advisory firm with $380 million in assets under management.
