Coldstream Holdings Inc., the parent company of Coldstream Wealth Management in Seattle, has merged with The Rainier Group Inc., a Bellevue, Wash., firm that offers investment advisory and mid-market business consulting services, Coldstream announced Monday.
Rainier Group Investment Advisory LLC is now doing business as Coldstream Wealth Management, while Rainier Group Business Advisory continues to operate under the Rainier name. Terms of the deal were not released.
Rainier Group Investment Advisory, which manages $760 million in assets for 325 clients, was founded in 1988. With the addition of Rainier Group Investment Advisory, Coldstream Wealth Management now manages approximately $2.8 billion in assets for more than 1,300 clients.
Rainier Group’s mid-market consulting business, Rainier Group Business Advisory, provides complementary solutions for clients who are business owners, says Rainier.
David Roberts, the former president of Rainier Group, will lead the business consulting operation and will join Coldstream’s Board of Directors. Mark Pellegrino, former managing director of Rainier Group Investment Advisory, is now head of Coldstream Wealth Management’s sixth client advisory team.
“Integrating our companies will enhance our offering and client experience, and provide even more growth opportunities for our key personnel," says Kevin Fitzwilson, managing shareholder, Coldstream Holdings Inc.
“The merger gives the combined wealth management teams additional scale, intellectual capital and resources to share best practices and better serve our clients,” he adds. “Further, Rainier Group Consulting adds a new business line to Coldstream's family of companies that are wholly owned under Coldstream Holdings Inc.
“Rainier Group Consulting has been successfully advising middle market companies on succession planning, board governance, tax and estate planning, and family ownership issues since 1988,” Fitzwilson says. “Rainier Group Consulting brings a wealth of new relationships to Coldstream Holdings Inc. family of companies. This should lead to a number of opportunities.”