Partner-owned registered investment advisor Pathstone said Monday it entered into an agreement to acquire Brainard Capital Management, an Austin, Texas-based RIA that advises on about $2 billion in combined assets under management and administration.
Independently operated Pathstone provides wealth management advice and family office services for high-net-worth families, family offices, foundations and endowments.
The addition of Brainard will boost Pathstone's total assets under advisement and administration to more than $80 billion, Pathstone said. Pathstone will have offices in 17 cities across the U.S., with more than 350 team members, over 180 of whom are shareholders in the firm, it said.
Republic Capital Group served as exclusive financial advisor on the deal, while Kastner Gravelle served as legal counsel for Brainard, and Alston & Bird served as legal counsel to Pathstone.
The purchase price wasn't disclosed. Pathstone expects the transaction will close in the second quarter of 2023, Pathstone CEO Matthew Fleissig said Wednesday.
"Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting," Fleissig said.
