Emigrant Partners, part of New York Private Bank & Trust (NYPB&T), has made a minority investment in San Francisco-based independent RIA Parallel Advisors.
The investment amount was not divulged.
Go deeper with GlobalData
The deal will make NYPB&T’s resources and expertise available to Parallel’s adviser team and clients.
Emigrant CEO Karl Heckenberg said: “While our partners retain full control over their strategy and investment decisions, Emigrant Partners has always provided long-term, stable capital and growth through both our guidance and our ability to leverage New York Private Bank & Trust’s extensive network of value-added resources.”
In addition to San Francisco, Parallel has operations in Dayton, Denver, Honolulu and Oklahoma City.
It specialises in long-term planning, investment portfolio management, retirement lifestyle solutions, as well as tax and estate consulting.
It targets consistent returns, balancing active and passive management and prioritising tax-efficiency.
The business caters to HNWIs and pension/profit sharing plans and manages $3bn of assets.
Parallel founder and CEO C.J. Rendic said: “This Parallel/Emigrant combination will also empower us to offer true partnership opportunities through economic incentives and our collaborative culture to attract and retain more of the highest calibre advisers in the industry.”
Last month, Emigrant picked a minority stake in Stratos Wealth Holdings, a family of investment advisory businesses.
