Pathstone, a partner-owned advisory firm headquartered in Englewood, on March 31 announced it entered into an agreement to acquire certain assets of Eaton Vance WaterOak Advisors, based in Winter Park, Fla. The target provides institutional and private wealth clients with investment solutions.
Financial terms of the deal were not disclosed.
According to the announcement, WaterOak advises on approximately $3 billion in assets, bringing Pathstone’s total assets under advisement to more than $35 billion. WaterOak puts an emphasis on long-term, multigenerational wealth management. The deal now puts Pathstone in 14 locations in the U.S. with 235 employees — more than 100 of whom are shareholders.
WaterOak was acquired by Eaton Vance Investment Counsel, a wholly owned subsidiary of asset management firm Eaton Vance Corp., in November 2020. Eaton Vance Corp. and its subsidiaries, including WaterOak, were acquired by Morgan Stanley in March 2021.
“We are very excited to welcome WaterOak to our family,” Matthew Fleissig, president of Pathstone, said in a statement. “They, like Pathstone, are driven by innovation and believe that unique technology and process will keep us a generation ahead of the industry.”
L. Clarke Lemons, director, Southeast for Eaton Vance WaterOak Advisors and founder of WaterOak Advisors, added, “Pathstone represents the culture, vision, and perspective that we so highly value in our care for our people and clients. We share the same values with Pathstone, and we believe Pathstone will be a fantastic partner for our team and our clients for the foreseeable future.”
Willkie Farr & Gallagher LLP served as legal counsel for Eaton Vance WaterOak Advisors. Schulte Roth & Zabel LLP served as legal counsel to Pathstone.