The combined entity is expected to manage just over four billion dollars when the transaction closes. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. Insiders say the firm has been quietly building out its alternatives platform since last summer. Both sides described the transaction as transformational, but neither would discuss financial terms on the record. It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM.
Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. The combined entity is expected to manage just over four billion dollars when the transaction closes. Industry observers expect a small wave of follow-on deals from competitors. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years.
The detail
The combined entity is expected to manage just over four billion dollars when the transaction closes. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Industry observers expect a small wave of follow-on deals from competitors. Insiders say the firm has been quietly building out its alternatives platform since last summer.
“There is a real Goldman flow happening. It is not just one team.” Industry recruiter
Compensation for the senior partners is rumored to be tied to a five-year retention schedule. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. Both sides described the transaction as transformational, but neither would discuss financial terms on the record. It is the kind of deal that says less about price than about positioning for the next cycle.
What it means for advisors
It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition.
- Compensation for the senior partners is rumored to be tied to a five-year retention schedule. The combined entity is expected to manage just over four billion dollars when the transaction closes.
- Insiders say the firm has been quietly building out its alternatives platform since last summer. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin.
- The combined entity is expected to manage just over four billion dollars when the transaction closes. It is the kind of deal that says less about price than about positioning for the next cycle.
The combined entity is expected to manage just over four billion dollars when the transaction closes. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. It is the kind of deal that says less about price than about positioning for the next cycle. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition.
