Homrich Berg announced today that it has acquired Oakbridge Partners, a $1.5 billion registered investment advisor based in Buckhead, a district of Atlanta.
The deal, which is expected to close at the end of May, will boost Homrich Berg’s assets under management to more than $13 billion, positioning the firm as the largest fee-only fiduciary wealth management firm in Atlanta, a press release said..
Joining Homrich Berg as partners are Warren Wick, William Cohen, Jennifer Storey, Eric Toole and Brandon Downs. The advisor team, which serves more than 480 households across 19 different states, also includes a group of younger associates and client service operations leaders, the release said.
“We hit a critical point in our growth and had to make an important decision to either add infrastructure—including management, investment solutions, and technology—or to partner with a firm with those capabilities,” Cohen said in a statement. “We have great respect for what our friends down the road at HB have built and are excited to join the firm and be part of the firm’s growth trajectory in the Southeast.”
The team will remain in its office near HB’s Buckhead office until 2023, when HB’s office expansion project at Three Alliance Center is complete, the release noted.
Thomas Carroll, president at Homrich Berg, said every team that joins the firm “must be a cultural fit and hold a strong belief in serving clients the way that we do by putting planning first.” Carroll, who previously worked with Toole and Downs, added, “With aligned firm philosophies and talent, we feel confident that the new team will be a seamless extension of our firm as we expand our strong presence in Atlanta.”
Founded in 1989, Atlanta-based Homrich Berg serves a national clientele of wealthy individuals, families and not-for-profits. The firm manages more than $10 billion for more than 2,000 family relationships nationwide.