Pathstone, a New Jersey-based registered investment advisor, is buying multifamily office Veritable as it seeks to expand its business catering to the ultra-rich
Veritable has 200 clients with average assets of more than $75 million each, the companies said Monday in a statement that didn't include terms.
The Newtown Square, Pennsylvania-based firm offers wealth-advisory services to ultra-high-net worth individuals and families.
The deal will help Englewood-based Pathstone make further inroads with centimillionaires, or people with fortunes exceeding $100 million, Pathstone Chief Executive Officer Matt Fleissig said in an interview.
Finding advisers who have relationships with such wealthy clients can be challenging, he said.
