EP Wealth Advisors LLC has bought San Francisco-based investment management firm CPIC International—its eight acquisition since 2017.
Th purchase marks the fourth acquisition this year for the Torrance, Calif-based RIA and its second in the greater San Francisco area this year, according to a news release.
The transaction, which closed October 14, increased EP Wealth’s assets under management by roughly $110 million and added 55 new clients to its roster, the release said.
Financial and legal terms of the deal were not disclosed.
CPIC, which was founded by Diane Jakubowski and Thomas Bonomo, offers portfolio management and specialized financial services. It has a 35-year history of designing customized investment solutions for clients, the release said. Jakubowski will serve as senior wealth advisor at EP Wealth and Bonomo will take on the role of business operations manager.
“Our team continues to seek opportunities that will fortify our offerings for clients and extend our geographic reach. The acquisition will enhance our investment management expertise and build on our momentum in the San Francisco area with a partner who shares our vision,” Patrick Goshtigian, CFA, president and CEO of EP Wealth, said in a statement.
Jakubowski said, “EP Wealth has committed to large-scale investment management resources that include technological tools and client-centric resources. The partnership opens doors to new financial planning services for our clients to meet their financial goals.”
This is EP Wealth’s eighth transaction since taking a minority investment from Wealth Partners Capital Group (WPCG), a financial services holding company, in July 2017, the release noted. Earlier this year, the firm acquired Personal Financial Consultants in Lafayette, Calif., Conlon Dart Wealth Management in Seattle and Pathlight Investors in Phoenix.
And in 2018, EP Wealth bought Rampart Wealth Advisors of Greenwood Village, Colo., Donnelly Wealth Advisors of San Diego, Caves & Associates Inc. of Manhattan Beach, Calif., and Millie Capital Management of Walnut Creek, Calif.
EP Wealth is a fee-only registered investment adviser and financial planning firm that manages about $5.9 billion. It’s led by co-founders and managing directors Derek Holman and Brian Parker, and Goshtigian.