New York-based Merchant Investment Management has picked a minority, non-controlling stake in California-based wealth advisory firm Corient Capital Partners.
Other details such as the investment amount or the stake size were not revealed.
Go deeper with GlobalData
The investment is part of a strategic alliance between the two parties.
Merchant will offer capital to support accelerate enterprise, professional leadership and platform growth of Corient.
Merchant executive chairman Marc Spilker said: “Our partnership will help ensure that Corient has the flexibility to continually invest in its business as it enters this exciting new phase as an enterprise-calibre firm.”
Spilker added: “I see this partnership as emblematic of the evolution that’s taking place in the wealth management industry — businesses align with the Merchant ecosystem of independent wealth firms and service providers that collectively offer full access to the most advanced industry tools and solutions.”
Corient broke away from Merrill Lynch to become independent in 2015.
The firm advises affluent families, business owners, public company executives, private foundations as well as professional athletes.
Corient partner Darren Henderson said: “Our vision when we founded Corient was to create the preeminent independent advisory firm serving the nation’s most successful and influential families.
“Merchant shares this vision and our future outlook as we continue to build a firm that our clients can’t outgrow, expand our platform and investment offerings, all while providing clients with best-in-class solutions.”
A private partnership, Merchant offers various services to independent financial services firms.
These services include growth capital, management resources, strategic opportunities and direction.
Earlier this year, Merchant took a minority stake in Wealth Advisor Growth Network (WAGN).
WAGN focuses on establishing new, optimising existing, and growing independent wealth firms.
