Karpas Strategies, an independent investment manager that has been providing ultra-high-net-worth families, foundations, and trusts with services for more than 30 years, has been purchased by Sequoia Financial Group (Sequoia Financial), an SEC-registered wealth manager with more than $19.3bn in assets under management as of 30 June 2024.
The deal was finalised on 31 July 2024 as Karpas Strategies will integrate with the Sequoia Sentinel Family Office of Sequoia Financial. There was no disclosure of the financial terms.
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Karpas Strategies, an SEC-registered investment adviser headquartered in Litchfield, Connecticut, was established in 1994 by Matthew Karpas and as of July 2024, it was managing over $420m for its clients.
Two-thirds of the firm’s assets under management are held by women, and over 75% of its assets derive from relationships spanning multiple generations.
Sequoia Financial, situated in Akron, Ohio, provides services to customers within the wealth spectrum.
Since 1991, Sequoia Financial has provided high net worth individuals and families with services, and in 2023, it introduced to broaden its family office offerings.
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By GlobalDataIn order to address the difficulties associated with generational wealth, the specific services include asset management, tax management, wealth transfer, asset transactions, and charitable planning.
To meet the complicated planning demands of clients, Liz Faraj, Zachary Chernus, and Karpas, the three members of the Karpas Strategies team, offer Sequoia Sentinel with their collective skills and expertise.
Karpas stated: “We’re pleased to join forces with Sequoia Financial, continuing our tradition of exceptional, highly personalised service for our clients. And we are especially excited for our clients to benefit from the broad and deep resources Sequoia Financial has built and the specialised services available within the Sequoia Sentinel Family Office.”
Tom Haught, CEO and president, shared: “We are thrilled to welcome Karpas Strategies to the Sequoia Financial team. With its 30-year history of excellence in client service and multi-generational relationships, Karpas Strategies embodies our shared values. Together, we look forward to continuing its legacy of outstanding service and strengthening the bonds nurtured over generations.”
Gee Smith, head of the Sequoia Financial ultra-high-net-worth business added: “We welcome our new colleagues and Karpas Strategies clients to the Sequoia Sentinel family. We share a similar outlook and desire to support the unique needs of families with substantial and multigenerational wealth. And we look forward to leveraging Sequoia Financial’s deep technology, operational and planning resources in the service of our combined client base.”
Moreover, Sequoia Financial has expanded its services and geographic footprint with a new Connecticut location and six acquisitions since 2023, including Karpas Strategies, AltruVista, Zeke Capital Advisors, Cirrus Wealth Management, and M Capital Advisors.
Sequoia Financial’s legal adviser was Benesch, Friedlander, Coplan & Aronoff LLP and Karpas Strategies’ legal advisers were Bell, Nunnally & Martin, LLP.
DeVoe & Company, a consulting business and investment bank for RIAs, was Karpas Strategies’ financial adviser.
