Perigon Wealth Management, a San Francisco-based national independent wealth management firm, plans to acquire PM Wealth Management in a deal that expands Perigon’s tax services for its clients, the two firms announced today.
Perigon, which has $3.6 billion in client assets, will combine staff and resources with PM Wealth Management, a New York City-based RIA with nearly $750 million in AUM, which will continue to operate under its own name, the companies said. When the deal closes, Perigon will have more than 50 financial advisors. PM’s senior executive team will join Perigon.
Previously, PM Wealth was part of Prager Metis, an accounting and advisory firm. The merger will create a strategic alliance between Perigon and Prager Matis, which will provide Perigon’s clients with the tax services provided by Prager Matis. Perigon will serve as the preferred wealth management solution for Prager Metis tax clients. Prager Metis will become one of the preferred tax firms Perigon utilizes to deliver holistic tax services to its existing and future, clients, according to a news release.
“The alliance creates a structure for seamless client referrals between the two firms, enabling each to address the widest possible wealth management and tax advisory needs of their respective clients. Importantly, Perigon will remain tax agnostic and able to work with any tax firm that provides solutions that align with its clients' needs,” Perigon said in a statement.
Jonathan Hoy, Perigon's chief operating officer, said in a statement, "This partnership broadens our tax advisory referral resources via Prager Metis to our clients, while establishing Perigon as the wealth management referral firm of choice for the clients of Prager Metis."
Since December, Perigon also added Matthai Capital Management, a Baltimore-based independent RIA; Baker & Associates, an Irvine, California-based RIA, and Greenville Financial Group of Wilmington, Del. Earlier this year, Perigon expanded its executive leadership team to help execute a growth strategy of acquiring independent RIAs and recruiting financial advisors, Perigon said.