New York Private Bank & Trust, the largest private family-owned and operated bank, on Tuesday announced a strategic partnership with NorthRock Partners, a Minneapolis-based advisory firm that manages $1.5 billion in assets.
The new partnership, will provide NorthRock Partners with additional expertise, resources and the capital to expand its brick-and-mortar offices from coast to coast, according to the announcement, and will align both firms' shared interests in expanding assets and investment in specific industries including sports and entertainment ad technology.
Through its various companies, NYPB&T owns and invests in industries that include financial services, real estate, technology and sports. The release pointed out that most recently, Howard Milstein and NYPB&T have increased their holdings in the golf world, including ownership of GOLF Magazine, GOLF.com, and the Nicklaus Companies (in partnership with legendary golfer Jack Nicklaus.
Rob Nelson, NorthRock Partners’ CEO and founding partner, said, “We’re always looking for partners with a shared mindset, inspired and creative enough to approach something as routinely traditional as the family office space and elevate a new standard of client experience.’’ He added that, “Even an audience as particular as our high-performing sports and entertainment clientele will notice a deepened service offering through this partnership given the resources and relationships of NYPB&T, ‘’
NYPB&T and its operating bank, Emigrant, are now the largest privately-held, family-owned bank in America, offering fully-integrated banking, custom lending, insurance services and trust administration services to meet the needs of wealthy individuals, families, endowments, foundations and corporations, directly and through its various subsidiaries, including Emigrant Capital, New York Private Trust, Emigrant Fine Art Finance, Personal Risk Management, and Galatioto Sports Partners.
NorthRock is a finance and lifestyle advisory firm focused on providing comprehensive, integrated wealth management services to the affluent and emerging affluent marketplace. It offers financial management with in-house access to tax services, trust and estate planning, family foundations and charitable giving, private investments, concierge services, and lifestyle management advice.