Pathstone, an independently operated, partner-owned family office today announced that it has acquired Willow Street, a Wyoming-based, independent, partner-owned trust and fiduciary services firm with about $35 billion of assets under administration (AUA).
The deal boosts Englewood, N.J.-based Pathstone's total AUA to about $75 billion. The firm also expands its office locations to 16 with 335 team members, of which more than 150 are shareholders of the firm, a news release said.
Willow Street will retain its name and operate as a sister company whose sole focus will be trust and fiduciary services, according to Pathstone.
The combined firms “will serve the increasingly complex needs of multigenerational families” and also “provide families an unmatched level of customization and access to fiduciary expertise backed by years of experience and best practices,” the release said.
“As Pathstone continues to grow and evolve, we constantly strive to perfect our client experience and meet the multigenerational promise that we make to each family,” CEO Matthew Fleissig said in a statement. “The ability to provide trust services has been a clear need and is a necessary piece of the puzzle. Pathstone and Willow Street have incredible cultural alignment, and together we are forming the preeminent multi-family office in the industry."
Jackson, Wyo.-based Willow Street, which was founded by principal Barbara Hoeft in in 2005, provides trust administration and fiduciary services solutions to ultra-wealthy families around the world, the release said. It added that the firm’s “service model spans advisory, administration, and governance support to Wyoming-based private trust companies as well as directed and discretionary corporate trustee services through its trust company charter with the Wyoming Division of Banking.”
The firm’s six partners will become shareholders in Pathstone and maintain their leadership roles at Willow Street, the release said. Its chairman and CEO, Phillip Harrington Jr., will continue in his role and serve as a member of Pathstone's executive leadership team. “Willow Street's sole focus will continue to be trust and fiduciary services, thereby maintaining its role as a pure fiduciary,” the companies said.
“By agreeing to join as a sister company to Pathstone, Willow Street's six partners made a strategic decision to further strengthen our mission of supporting families as they leave legacies for future generations through the passing down of experiences, wisdom, and gifts,” Harrington Jr. said. “Pathstone's breadth and depth of services complements our own and enhances our ability to meet the growing needs of our clients over multiple generations. Our firms each bring something unique to the table that will continue uninterrupted with current leadership and service teams, while at the same time creating something that truly does not yet exist in the industry."
Kelly Maregni, president of Pathstone, added that the firm continues to define what it means to serve those with significant, multigenerational wealth. “Each of our prior business combinations were designed to enhance and differentiate our organization, not simply growth for growth's sake. Willow Street brings not only an extension of our offering but seasoned leadership and expertise that will continue to add depth to our firm,” she said.
Holland & Hart LLP served as legal counsel to Willow Street, and Alston & Bird served as legal counsel to Pathstone. Republic Capital Group served as a strategic advisor to Pathstone.