Marin County, Calif.-based wealth manager Private Ocean announced on Wednesday that it has acquired Lakeview Financial Group.
“Private Ocean is always striving to grow intentionally, and with our shared values and culture with the team at Lakeview, we saw a perfect fit,” said Greg Friedman, CEO of Private Ocean, in released comments. “We are delighted to expand our services to clients on the West Coast and beyond, and look forward to working alongside these experienced, successful and talented advisors.”
Lakeview, a Seattle-based RIA with $360 million AUM, will continue to operate out of its current location as Private Ocean.
Private Ocean, formed in 2009 from the merger of Salient Wealth Management and Friedman & Associated, caters to affluent individuals with at least $2 million in investable assets.
In her own released comments, Julie Back, Partner at Lakeview Financial Group, said the two firms share similar clienteles and philosophies, which should ease the merger.
“Over the last 18 months since we initially met Greg and the Private Ocean team, we have been struck by our firms’ similarities in philosophy and the client process,” said Back. “We look forward to joining forces to further our shared vision of personable, hands-on client service and collaborative relationships built on trust.”
At the time of the acquisition, Private Ocean reported $1.2 billion in AUM.