Citizens Financial Group, Inc. has officially acquired Clarfeld Financial Advisors, LLC.
The completed deal is worth $14.4 billion in AUM, for a combined total of $34.1 billion in AUM and AUA.
Citizens Bank Private Wealth Management will be integrated with Clarfeld, which founder Robert A. Clarfeld will continue to lead as CEO.
“The completion of the Clarfeld Financial Advisors acquisition is a significant milestone in the growth of our wealth management business,” said John Bahnken, president and CEO of Citizens Bank Wealth Management. “The addition of Clarfeld’s highly skilled team and broad range of advisory services strengthens our existing platform, enhancing our ability to provide a full suite of family office, investment, financial planning, and tax and estate planning services for existing and new clients.”
Terms of the transaction were not disclosed.
Affiliated Managers Group Inc. (AMG), based in Beverly, Mass., bought a minority share in Clarfeld in 2013. However, the firm agreed to exit its 6-year minority ownership in Clarfeld so that Citizens Bank, a subsidiary of Citizens Financial Group Inc. of Providence, R.I., could purchase the advisory firm in its entirety.
Clarfeld Financial Services is a Tarrytown, N.Y., a wealth management firm and multi-family office with approximately $6.6 billion AUM and $900 million AUA. Citizens Financial Group reports $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.