Pathstone, a partner-owned advisory firm based in Englewood, announced May 25 it acquired technology firm Advisor Partners, based in Walnut Creek, Calif. Financial terms of the deal were not disclosed.
AP works with a select group of independent advisors, wealth managers and family offices, focusing on tax optimization and automation, according to the announcement. The company was founded by Andrew Rudd, the creator and founder of Barra, one of the industry’s original software providers of investment risk analytics and trading solutions.
Adding AP’s technology and investment expertise will allow Pathstone to better provide innovative and customized solutions for its clients. Matthew Fleissig, president of Pathstone, said in a statement that the deal “raises the bar for the entire industry – offering tax-optimized solutions is now table stakes to providing services to ultra-high net worth clients.”
“Pathstone’s focus on highly customized client service, together with AP’s research-driven, systematic solutions, will create a powerful, industry-leading offering,” added Rahul Agrawal, AP’s president and chief investment officer.
Pathstone said AP will continue to operate independently and that it “will make significant ongoing investment in Advisor Partners to maintain and enhance the firm’s offering, benefiting existing and future AP clients.”
Advisor Partners was advised by Grail Partners, and Davis Wright Tremaine LLP served as legal counsel. Schulte Roth & Zabel LLP served as legal counsel to Pathstone.
On March 31, Pathstone announced it entered into an agreement to acquire certain assets of Eaton Vance WaterOak Advisors, based in Winter Park, Fla.