Englewood-based advisory firm Pathstone announced May 1 it entered into an agreement to acquire Brainard Capital Management of Austin, Texas.

Founded by Owen Brainard in 2004, Brainard provides investment consulting and advisory services to ultra-high net worth individuals and families with a focus in the technology space, according to Pathstone. Financial terms of the deal were not disclosed.

“Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting,” Pathstone CEO Matt Fleissig said in a statement. “Having known the Brainard team for a number of years we always believed that working together would be mutually beneficial and we couldn’t be happier to welcome our new team members in Austin.” 

Brainard advises on approximately $2 billion in combined assets under management and administration and brings extensive experience advising clients in pre- and post-liquidity wealth structures.  

The acquisition will bring Pathstone’s total assets under advisement and administration to more than $80 billion, according to the firm, which will now have offices in 17 cities nationwide with over 350 team members—more than 180 of whom are shareholders. 

The deal is expected to close mid-May, a Pathstone representative told NJBIZ.

“This addition not only brings incredibly talented individuals with unique skill sets to our organization but bolsters our presence in the high-growth Austin market. We are eager to begin learning and collaborating with our new team members,” added Pathstone President Kelly Maregni. 

Pathstone said the union will give the Brainard team access to its infrastructure, services and more. 

Brainard, the founder, said that his team is “culturally and philosophically aligned with” Pathstone and that the combination of resources and skill sets “will enhance our ability to service our clients at all stages of their wealth planning.” 

Republic Capital Group served as the exclusive financial advisor and Kastner & Gravelle served as legal counsel for Brainard Capital Management. Alston & Bird served as legal counsel to Pathstone. 

Fleissig and Maregni both took on their current roles in July 2022, following two other acquisitions: of California-based technology firm Advisor Partners in May 2022 and the assets of Florida-based Eaton Vance WaterOak Advisors in March 2022.