Sequoia Financial Group today announced that it has acquired Karpas Strategies, a Litchfield, Conn.-based independent investment manager with $450 million in assets under management, according to a news release.
The transaction closed today. Financial terms were not disclosed. Karpas Strategies, the second New England location for the Akron, Ohio-based Sequoia, will become part of Sequoia Financial's Sequoia Sentinel Family Office.
Founded in 1994 by Matthew Karpas, Karpas Strategies serves ultra-wealthy families, foundations and trusts. More than 75% of its AUM is derived from multigenerational relationships, and two-thirds of its assets under management are female-owned, the release noted. The three-person team includes Karpas, Zachary Chernus and Liz Faraj.
“We're pleased to join forces with Sequoia Financial, continuing our tradition of exceptional, highly personalized service for our clients,” Karpas said in a statement. “And we are especially excited for our clients to benefit from the broad and deep resources Sequoia Financial has built and the specialized services available within the Sequoia Sentinel Family Office.”
“We welcome our new colleagues and Karpas Strategies clients to the Sequoia Sentinel family,” said Gee Smith, head of the Sequoia Financial ultra-high-net-worth business. “We share a similar outlook and desire to support the unique needs of families with substantial and multigenerational wealth, and we look forward to leveraging Sequoia Financial's deep technology, operational and planning resources in the service of our combined client base,” he added.
Sequoia, founded in 1991, has grown organically and through acquisitions, the release noted. Karpas Strategies is its sixth acquisition since 2023. The firm has 15 offices in nine states, and more than $19.3 billion in AUM as of June 30, 2024.