Constellation Wealth Capital has made a minority investment in Perigon Wealth Management, an RIA in San Francisco with $6.5 billion in assets under management, according to a press release.
The investment will be used to continue Perigon's strategic expansion, the firm said in the release.
Perigon also announced that Merchant Investment Management will exit a funding partnership with Perigon it entered into five years ago.
The terms of the deal were not disclosed.
Constellation Wealth Capital is an alternative asset management platform based in Chicago that provides capital solutions and strategic advisory support to wealth management platforms, the press release said.
"Perigon's consistent growth is a testament to its effective strategy in the competitive wealth management space,” said Constellation founder Karl Heckenberg in a prepared statement. “We believe Perigon's model of supporting financial advisors with flexible affiliation models and compelling platforms, solutions and technology, results in advisors who are better positioned to drive growth and deliver for their clients."
In the first year of its partnership with Merchant, Perigon doubled its assets under management, partly by merging with RLP Wealth Management, another Merchant partner, the press release said. Perigon would go on to add teams and offices in six major markets.
"Constellation has quickly established a reputation for working collaboratively with operational leadership that aims to foster a relationship that delivers meaningful growth, and we look forward to working with their team," said Perigon's CEO Arthur Ambarik said in a prepared statement "This investment positions our firm and clients for continued success as a sustainable, majority advisor-owned, client- and advisor-centric firm."