GenSpring Family Offices, a Palm Beach Gardens, Fla.-based network of 11 family offices, announced it added its 12th office and its first one west of the Mississippi River with its acquisition of Inlign Wealth Management in Phoenix, one of the largest wealth management firms in the Southwest with more than $2 billion assets under management. Terms of the deal weren't disclosed.
GenSpring now serves more than 600 families with roughly $15 billion under management, including the assets from Inlign's 175 clients. Most of its offices run along the Eastern Seaboard from Greenwich, Conn. to Miami. Founded in 1989 as Asset Management Advisors, GenSpring is an affiliate of SunTrust Banks, Inc.
Inlign began operations in 2002 when its principal owner, Mark Feldman, and his team started a new firm comprised of much of their prior business at the accounting firm Arthur Andersen, which was brought down by its involvement in the Enron fiasco. Inlign will take on the GenSpring Family Offices name.