Seattle-based Laird Norton Wealth Management (LNWM) and Filament, two of the Pacific Northwest’s largest privately held wealth management firms, have merged to form a $6 billion company. The merger was announced by Kristin Bauer, CEO of LNWM, earlier today.
The merger was effective on Tuesday. Financial terms were not disclosed. The two firms, which have a combined 67 years of service to individuals, families, foundations, and businesses, will retain the Laird Norton name.
Founded in 1967, Laird Norton Wealth Management (LNWM) is a subsidiary of seventh-generation family-owned Laird Norton Company with significant investments in real estate and operating companies. According to the announcement, LNWM was originally founded to serve the financial management needs of the Laird and Norton families.
The two families' wealth originally began in the region's timber industry. Laird Norton was profiled in Financial Advisor in 2012. Today, it provides investment management, wealth planning, family business advisement and trust services for individuals, families, private foundations and nonprofit organizations throughout the West.
Filament, a boutique wealth advisor, was founded in 2006 and managed more than $2 billion assets under management. Its three co-founders and senior leaders, Scott Butterfield, Conrad Gehrmann and John Goodwin, will serve on an expanded LNWM board of directors and in executive management roles, Bauer said.
Bauer said Filament is a company to be admired. “They have built an incredible firm with deep and lasting client relationships. Our organizations have similar DNA for providing holistic, conflict-free advice,” she said. “We will integrate in a way that will be better for our clients by building on the best attributes of both companies, positioning the firm as a life-long, multi-generational resource and partner,” she added.
Butterfield said Filament was designed to fully align with the interests of their clients. “Combining Filament’s talents and resources with those of Laird Norton Wealth Management provides an unprecedented opportunity for growth, but more importantly it provides a unique platform of services and solutions unrivaled in the Pacific Northwest. I believe the future is very bright for the durable, multi-generational firm we have created,” he said in a statement.
“When it comes to a partner, Laird Norton Wealth Management checked all of the boxes for us,” Gehrmann added.
Jeff Vincent, CEO of Laird Norton Company and chairman of the LNWM Board of Directors called the merger the “next step in the evolution of LNWM to become the most dependable, premier wealth management firm for generations of families throughout the West and beyond.”
The combined company will serve clients throughout the western U.S. and beyond. The range of advisory services. The firm will be located at LNWM’s current headquarters in the Norton Building.