New York-based Klingenstein Fields Wealth Advisors (KFWA) has agreed to buy the assets of local peer The Solaris Group.
The transaction was executed through KFWA affiliate KF Group.
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Financial terms of the deal were not disclosed.
The merged group will manage over $4bn in assets.
The deal is said to be mutually beneficial, with the two companies sharing their physical, investment, human, and technology resources.
KFWA CEO and co-chairman Kenneth Pollinger and president James Fields will retain their existing positions.
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By GlobalDataPollinger noted: “With this transaction, KFWA solidifies its position as one of the top independent Registered Investment Advisers in the country, with a commitment to delivering high-quality wealth management and personalised service.
“We identified Solaris as an institution with a high caliber of experienced wealth management professionals who share the same client-centric approach to relationship management and stewardship of their clients’ assets.”
KFWA founding partner Kenneth Fields will now serve as co-chairman and CIO.
Commenting on the deal, Fields said: “The addition of Solaris allows KFWA to expand its range of investment management solutions, with Solaris’ deep expertise in the creation of multi-manager asset allocation portfolios that include traditional ‘long-only’ asset classes as well as alternative investments.”
Solaris co-founders Ralph Sinsheimer, Albert Bellas, and Stephen Brent Wells will hold senior roles.
