Lovell Minnick Partners, a  private equity firm focused on investments in the global financial services industry, has made a significant investment in Pathstone, an employee- and family-owned RIA firm with more than $15 billion in assets under advisement, Pathstone announced today.

Financial terms of the agreement were not revealed, but Pathstone said Fiduciary Network will no longer be a financial backer of the firm. In addition to funding financial firms, Lovell Minnick provides financing for financial industry-related technology and business services companies.

In 2014, Fiduciary Network invested in Pathstone, which specializes in serving the ultra-affluent market. Subsequently, Pathstone acquired Federal Street Advisors, an RIA with about $ billion in assets in Boston and Convergent Wealth, which oversaw $3 billion, in Maryland.

Under the terms of the deal, Pathstone will remain independent and will continue to be managed by its existing leadership team, the release said. In addition, Pathstone will add 16 employees as shareholders, bringing total employee ownership to 48 out of 110 employees. The firm is headquartered in Englewood Cliffs, N.J., and has offices in six other cities across the U.S.

“We set out to build a truly modern family office powered by next generation technology and a culture of innovation or, as we like to say, an organization that is ‘smart in a way that matters.’ With our partnership with LMP, we continue our focus on investing financial and intellectual capital in further developing client solutions,” said Pathstone President Matt Fleissig.

Jim Minnick, co-chairman of Lovell Minnick Partners, added, “We are excited to partner with Pathstone in their next stage of growth. As experienced investors in the wealth management industry, we greatly admire the business they have built and we embrace their multigenerational promise. Pathstone has created a full-service offering with a unique technology-enabled approach that we believe helps drive superior client service and operational efficiencies through automation.”