Pathstone, an independently operated and partner-owned multi-generational family office in Englewood, N.J., will acquire Price Wealth LLC, an Austin, Texas-based independent wealth advisor with $1.4 billion in client assets, the companies announced today in a news release.
Both firms cater to a high-net-worth and ultra-high-net-worth clientele.
Matt Fleissig, president of Pathstone, welcomed the employees, partners and clients of Price Wealth to his firm’s family.
"Price Wealth's service model, culture and clients aligned perfectly with Pathstone's mission and core values," Fleissig said in the news release.
Eric Price, founder and chief investment officer of Price Wealth, said in the release that the deal is key to fulfilling the firm’s succession plans.
"My partner, Susan Wittliff, and I believe this [transaction] will help us honor our pledge to oversee our clients' financial affairs for many generations to come,” he said. “For our employees, Pathstone provides additional opportunities for growth and greatly enhances our ability to attract and retain talent."
With the addition of Price Wealth, Pathstone will have 10 offices serving clients with a collective $22 billion in total advisory assets.
The banking team of Colchester Partners advised Price Wealth in its transaction with Pathstone, and Queen Saenz + Schutz served as legal counsel. Alston & Bird LLP served as legal counsel to Pathstone.
The financial details of the transaction were not disclosed.