Pathstone, the Englewood, New Jersey-based wealth manager focused on ultra-high-net-worth clients, has finalized its merger with Mill Creek Capital Advisors, a Conshohocken, Pennsylvania-based registered investment advisor overseeing approximately $12 billion in client assets. The deal, which closed recently, creates a combined entity with nearly $30 billion in assets under advisement across more than 120 professionals, according to a statement from the firms.
The merger establishes one of the largest independent RIA footprints in the Philadelphia metropolitan area, with operations split between Mill Creek's Conshohocken headquarters and Pathstone's existing office in Newtown Square, Pennsylvania. Mill Creek serves roughly 450 families and institutions, primarily ultra-high-net-worth families, endowments, and foundations.
A Deal Years in the Making
Founded in 2006 by Joshua Gross and Richard Stevens, Mill Creek built a reputation for serving wealthy clients from the Philadelphia suburbs. Gross, who served as CEO of Mill Creek and will continue in a leadership role within the combined firm, said cultural alignment was a key factor. "From our earliest conversations, it was clear that Pathstone and Mill Creek shared a common view of what matters most: serving clients with depth, care, objectivity, and continuity," Gross said.
Formal merger discussions began last summer, though the firms had crossed paths professionally for years. Both sides emphasized a shared philosophy around client experience and employee ownership, which are central to Pathstone's growth model. Matt Fleissig, CEO of Pathstone, said the acquisition deepens the firm's commitment to Philadelphia, one of the wealthiest metropolitan corridors in the U.S. "Coming together strengthens our ability to serve ultra-high-net-worth families, single family offices, and institutions with the personalized, differentiated advice they expect from Pathstone," Fleissig said.
Mill Creek's senior leadership includes CIO Michael Crook, who previously headed the Investment Strategy team at UBS and held roles at Lehman Brothers and Barclays; President and CFO Richard Lunsford Jr.; and COO Stephen Waltrich. The firm's partner group includes veterans from Goldman Sachs, J.P. Morgan Private Bank, Vanguard, and Morgan Stanley.
Pathstone's Ultra-High-Net-Worth Expansion Playbook
The Mill Creek combination is the latest in a series of acquisitions that have transformed Pathstone from a regional multifamily office into one of the largest independent advisory firms serving ultra-high-net-worth clients nationally. In early 2024, Pathstone acquired Crestone Capital, a Boulder, Colorado-based wealth manager overseeing approximately $3 billion. Later that year, it announced the acquisition of Hall Capital Partners, a San Francisco- and New York-based advisory firm founded in 1994, representing roughly $45 billion across more than 130 clients. That deal pushed Pathstone's total assets under management to $160 billion and expanded its national footprint to more than 23 offices. Prior to that, the firm saw a landmark combination with Veritable, a $17 billion multifamily office formerly owned by Affiliated Managers Group.
Pathstone's acquisition pace has been underwritten by two private equity firms. Lovell Minnick Partners, a Philadelphia-based financial services-focused PE firm, made its first significant investment in Pathstone in 2019, when it had $15 billion in assets and seven U.S. locations. In March 2023, Kelso & Company, a New York-based middle-market private equity firm, acquired a minority stake in Pathstone alongside a continued capital commitment from Lovell Minnick. At the time of that round, Pathstone was managing more than $80 billion in assets across 17 offices with more than 350 employees, more than 180 of whom were shareholders. Both Kelso and Lovell Minnick contributed additional capital to support the Hall Capital acquisition in October 2024, reflecting continued conviction in Pathstone's consolidation strategy.
The deal comes amid a wave of M&A activity in the RIA space, as firms seek scale to compete for ultra-high-net-worth clients. For context, Corient recently expanded into Oklahoma with a $7.8 billion acquisition of Capital Advisors, while MAI Capital Management acquired Dallas RIA Service Academy Capital to bolster its UHNW platform. Pathstone's strategy, however, focuses on large, established firms in wealthy regions, leveraging private equity backing to fund deals.
With the Mill Creek addition, Pathstone now has a significant presence in the Philadelphia area, a region known for its concentration of family offices and wealthy individuals. The combined firm's $30 billion in local assets positions it as a dominant player in the market, competing with both independent RIAs and the private wealth arms of major banks.
