Los Angeles firm Lido Advisors said today that it is expanding its reach into New England with the acquisition of Claybrook Capital, a Boston RIA founded in 2017.
According to its last filing, Claybrook had almost $296 million in assets under management, almost all of that from 14 high-net-worth clients (it has 18 other clients besides).
Claybrook was launched six years ago by Jerry Nigro, a veteran of UBS, Robertson Stephens and Goldman Sachs who has been in the business almost three decades as an advisor. He’s joined at Lido by Virginia Aaron, a fellow alum of UBS and Robertson Stephens.
In a press release announcing the acquisition, Lido said Claybrook has deep roots with New England families; that makes it a good fit with Lido, a Los Angeles powerhouse with roots in a family office that started incubating in 1999 under chairman Greg Kushner. The firm was known for its savvy real estate investing efforts.
"We have long felt that clients in the New England region would benefit from our range of family office services and holistic approach to wealth management, but we wanted to make sure that we found the right partners to realize that goal," said Jason Ozur, Lido's CEO. "The culture at Claybrook meshes seamlessly with our own and we could not be more excited to have Jerry and Ginny join our team as we expand Lido's footprint in this important region."
After 20 years in the business, Lido launched a massive acquisition campaign about four years ago. Just six months ago, the firm said it had some $14.8 billion in assets and in its most recent press release said that it now has $18.9 billion and 28 offices in the U.S. Earlier this year, it was one of the firms that benefited from the implosion of First Republic Bank, taking on a San Diego team from the bank with $1 billion in assets under management.