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Deals Of The Day: The Latest In Wealth Management M&A - Emigrant Bank
Editorial Staff
29 January 2018
Emigrant Bank Among recent deals, Boston-headquartered Anchor Capital Advisors, an asset manager and wealth advisory firm, agreed to buy back a majority ownership stake of its company from Boston Private, a wealth management, trust and private banking company. In a somewhat different deal, Geneva-based Reyl & Cie, the private bank and financial group, acquired a stake in Aspiration, a Los Angeles-based online bank, during a Series B funding round. Other deals across the US have included Louisiana- and Texas-based Whitney Bank , the banking subsidiary of Hancock Holding Company, agreeing to acquire the bank-managed high net worth individual and institutional investment management and trust business from Capital One Bank US, National Association, a banking subsidiary of Virginia-headquartered Capital One Financial Corporation.
Emigrant Bank, an affiliate of New York Private Bank & Trust Corporation, has sold its majority interest in HPM Partners, a New York-based investment and wealth management firm with more than $9 billion in assets under management.
The majority stake was bought by Lightyear Capital, the private equity firm, according to Silver Lane Advisors, the investment bank, which advised Emigrant Bank on the transaction.
HPM Partners serves over 1,700 clients from offices in Bloomfield Hills, Chicago, Cleveland, Los Angeles, New York, and Orange County.
Last year saw a flurry of M&A deals in the US wealth management space, driven by forces such as h as a need for economies of scale in an increasingly regulated sector, with demands from clients for more digital and sophisticated offerings also requiring more scale. A stand-out transaction in the second half of last year was Tiedemann Wealth Management’s deal to buy Seattle-headquartered Threshold Group, a wealth-advisory firm and family office with $3.4 billion in assets under management.