Massachusetts-based wealth manager Grimes & Company has secured minority investment from Rise Growth Partners, an RIA investing business launched by former United Capital CEO Joe Duran.
Financial specific of the transaction remain undisclosed.
Go deeper with GlobalData
Founded by Tim Grimes and now led by Kevin Grimes, Grimes manages approximately $5.7bn in assets.
The RIA operates in Massachusetts, Texas, Florida, and Nebraska, serving around 3000 households.
The partnership with Rise Growth Partners is aimed at further refining Grimes’ centralised planning process and attract growth-focused advisor teams.
This investment will provide Grimes with the necessary resources and expertise to expand its geographic presence.
Grimes CEO and chief investment officer Kevin Grimes said: “The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future.
“With their expertise and resources, we’ll be positioned to multiply our impact while maintaining the collaborative culture and relationship-driven client experience that have defined Grimes and its success to date.”
Rise managing partner Joe Duran said: “Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches.
“We see a tremendous opportunity to partner with investment-centric firms that value centralised planning and growth while maintaining the flexibility of customised portfolios.
Rise provides growth-focused RIAs with an alternative to strategic acquirers and financial sponsors by investing a non-controlling minority stake in partner firms.
