Affiliated Managers Group Inc. (AMG) is exiting its minority ownership in Clarfeld Financial Advisors LLC, and selling out to Citizens Bank, a subsidiary of Citizens Financial Group Inc.

Jonathan Freedman, a spokesperson for AMG, would not confirm the terms of the deal, but spoke highly of his company’s five-year business relationship with Clarfeld.

“We and Clarfeld mutually agreed that it would be in the firm’s best interest to be acquired by Citizens, which has an embedded base of high-net-worth clients which may drive Clarfeld’s growth,” Freedman said.

Clarfeld is a Tarrytown, N.Y., wealth management firm and multifamily office with approximately $6.6 billion in assets under management (AUM) and $900 million of assets under administration (AUA). It advises high-net-worth and ultra-high-net-worth clients across the northeast.

AMG, based in Beverly, Mass., acquired a minority stake in Clarfeld in 2013 through its Palm Beach, Fla., subsidiary, AMG Wealth Partners LP. However, according to Citizens spokesperson Megan M. Griffin, AMG will be selling its interest in Clarfeld, which Citizens is acquiring in its entirety.

Citizens Financial Group is one of the nation’s oldest and largest financial institutions, reporting $158.6 billion in assets as of September 30, 2018.

As of that date, Citizens Bank Wealth Management had approximately $7.9 billion in AUM and a total AUM/AUA of $26.5 billion, including $3.5 billion in AUM and $3.7 billion in AUA within the Citizens Bank Private Wealth Management platform.

Combined, Citizens Bank Wealth Management and Clarfeld would oversee approximately $14.4 billion of AUM and $34.1 billion of AUM/AUA.

The deal enables Clarfeld to continue operating under its current brand name, while Citizens Bank Private Wealth Management, which has total AUM/AUA of $26.5 billion, will be integrated into Clarfeld.

Robert Clarfeld, the firm's founder and chief executive officer, will be named CEO of the combined high-net-worth and ultra-high-net-worth businesses.

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