Emigrant Partners, a Greenwich, Conn.-based specialist capital and advice partner for advisory services firms, announced yesterday that it had bought a minority stake in SteelPeak Wealth.
SteelPeak, based in Los Angeles, is an independent wealth management firm that focuses on wealthy individuals, managing $2 billion in assets for more than 1,700 clients, said DeVoe & Company, a mergers and acquisition consulting firm to the RIA industry that facilitated the deal.
The partnership with Emigrant Partners will provide SteelPeak with the capital and strategic resources to support the firm in its next phase of growth, the firms said. The terms of the deal were not revealed.
“We were very deliberate in our selection process for a strategic partner. Emigrant Partners understood our vision for our future growth, as well as our philosophy and commitment to our clients,” said Reza Zamani, CEO of SteelPeak, in a statement. “With Emigrant Partners’ support, we will have the resources to extend the comprehensive, best-in-class services available to our growing high-net-worth client base.”
Karl Heckenberg, CEO and president of Emigrant Partners, added in a statement, “We were thoroughly impressed with SteelPeak’s client engagement model, proprietary investment management capabilities and organic growth engine. SteelPeak is well-positioned for future growth with a strong base in the Southern California market and a growing presence in attractive wealth markets such as Dallas and Miami.”
David DeVoe, founder and CEO of DeVoe & Company, said in a statement, “Through this partnership, SteelPeak will more quickly enhance its capabilities for clients and expand its geographic footprint, bringing its valuable service to more clients.”