New York Private Bank & Trust Buys Into San Francisco's Parallel Advisors

Tom Burroughes

5 May 2020

New York Private Bank & Trust has made a “minority investment” in a San Francisco-based wealth manager overseeing about $3 billion of assets. Financial details of the transaction weren’t disclosed.

The investment in Parallel Advisors was carried out through NYPB&T’s subsidiary Emigrant Partners, the organization said in a statement yesterday. The investment in Parallel is the latest in a series of deals by Emigrant Partners and its parent NYPB&T. Emigrant partners and Fiduciary Network have 16 investments with more than $50 billion in assets under administration.

Parallel serves high net worth individuals, families with high incomes and pension/profit sharing plans.

NYPB&T and Emigrant Partners are led by philanthropist, financier and entrepreneur Howard Milstein, representing the third generation of New York’s Milstein family. Republic Capital Group, led by John Langston, served as the exclusive advisor to Parallel Advisors. The Milsteins acquired the Emigrant Savings Bank in 1986.

Parallel, an independent, registered investment advisor, was founded in 2006 and has expanded to include locations in Dayton, Denver, Honolulu and Oklahoma City.