Pathstone, an independently operated, partner-owned advisory firm headquartered in Englewood, N.J., serving families, family offices, and foundations and endowments, has entered into an agreement to acquire WaterOak’s investment advisory and wealth management business from Morgan Stanley, the companies announced in a news release.
Financial details of the transaction were not disclosed.
Based in Winter Park, Fla., WaterOak advises on approximately $3 billion in assets. The acquisition will bring Pathstone's total assets under advisement to more than $35 billion. Like Pathstone, WaterOak offers its clients highly customized solutions and long-term, multigenerational wealth management.
Pathstone, which currently has 14 locations nationwide, will significantly expand its footprint in Florida while increasing its personnel to a total of 235 team members, more than 100 of whom are shareholders of the firm. WaterOak also brings new technology and systems to Pathstone's already-robust platform, the news release said.
Matthew Fleissig, president of Pathstone, said in the news release that WaterOak, like his company, was driven by innovation and the belief that unique technology will keep them ahead of their competitors.
Willkie Farr & Gallagher LLP served as legal counsel for Eaton Vance WaterOak Advisors, while Schulte Roth & Zabel LLP served as legal counsel to Pathstone.