Englewood, N.J.-based Pathstone Advisors announced today the acquisition of Boulder, Colo.-based Crestone Capital, a $3 billion AUM registered investment advisor.
The acquisition brings Pathstone’s total AUM to over $100 billion, according to the announcement. The firm bills itself as one of the largest RIAs serving the ultra-high-net-worth segment.
“From the very beginning, we admired Crestone’s culture and approach to working with sophisticated families,” said Matt Fleissig, Pathstone CEO, in released comments. “The focus on building a firm for ultra-high net worth families is what has historically differentiated both Pathstone and Crestone, making the combination a natural fit and that much more powerful as we seek to build a true multi-generational family office experience for our clients. We could not be more excited to welcome Eric Kramer, who will join our CEO Council and Chief Investment Office and Matt Wiles, who will join Pathstone’s Regional Leadership Team, and the rest of the Crestone team as we continue to grow our presence in the highly attractive Rocky Mountain region.”
Most of Crestone’s approximately 150 client families fit the profile of Pathstone’s ideal client, as it has focused on a niche of first-generation wealth creators like entrepreneurs. Founded in 1991 by CEO and managing partner Eric Kramer, Crestone is 100% employee owned. It has more than 50 employees staffing offices in Colorado, Texas and California.
Pathstone now has over 20 offices nationwide staffed by more than 550 team members, according to the announcement, with 250 of those team members also shareholders of the firm.
“The rationale for this agreement is simple: we are a better firm, together,” said Kramer in released comments. “Pathstone’s laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients. The advantages of scale are becoming increasingly important in our industry, and Pathstone also offers a number of complementary services that are valued by our clients. We are excited about the future for our clients, shareholders and employees.”