The US multi-family office has made a number of M&A deals in recent years and has added a business founded 21 years ago. The deal takes Pathstone's assets under advisement and administration to almost $80 billion.

Pathstone has agreed to buy Rex Capital Advisors, a firm that is based in Providence, Rhode Island.

Rex Capital, which caters to ultra-high net worth clients, oversees about $1.5 billion in assets. Founded in 2002 by Arthur Duffy, Rex Capital originally served as a single-family office and now looks after 12 client families across the US. In addition to its customized family office solutions, the Rex team has expertise in private equity, and venture capital.

The combination will bring Pathstone's total assets under advisement and administration to nearly $80 billion. The firm will now be in 17 office locations with nearly 350 team members, more than 175 of whom are shareholders of the firm.

Morgan, Lewis & Bockius served as legal counsel for Rex Capital Advisors and Alston and Bird for Pathstone.

The deal is another turn on the M&A wheel for Pathstone. In December 2022, it combined with Willow Street, a Wyoming-based trust and fiduciary services firm, founded in 2005.

Pathstone has grown by a mix of organic and inorganic growth. In March 2021, for example, it joined up with RIA firm Cornerstone Capital Group. Cornerstone has expertise in sustainable and impact investing, adding to Pathstone’s work in this area.

"From the first conversation with Arthur and his team, we saw alignment in the way we approach client service, embrace innovation, and view the future of the family office business model," Matt Fleissig, CEO of Pathstone, said.