Prosper Advisors, an Armonk-based independent registered investment advisor with more than $300 million in client assets, merged this month with The Colony Group L.L.C., a Boston-based wealth management firm whose client assets topped $3 billion with the recently closed deal.
Dina Lee, president of Prosper who founded the firm in 2002, will serve as president of Colony”™s family office and managing director of its New York Metro offices in Armonk and Manhattan. Â At Prosper she represented more than 60 high-net-worth families and individual clients whose average household had approximately $5 million in investable assets.
Lee in a press release called the merger “as much a natural fit for Prosper as it is for our clients.” Both Colony and Prosper have a history of serving high-net-worth and ultra-high-net-worth individuals and families.”This merger augments our scale and in-house resources, ensuring our clients have access to an even deeper bench of accomplished advisors,” said Lee.
Lee previously was a managing director at the U.S. Trust Company and a partner at Ernst & Young. She has served as president of the Estate Planning Council of New York City and vice president and director of the New York State Society of CPAs.
The Colony Group is one of 27 partner firms in Focus Financial Partners L.L.C., the nation”™s largest partnership of independent wealth management firms, with more than $65 billion in client assets in the U.S. and United Kingdom.
Since joining Focus two years ago, Colony has grown its client assets from approximately $1.3 billion. That 130 percent growth was accelerated by its deal with Prosper and its merger last year with Boston-based Mintz Levin Financial Advisors L.L.C., a firm managing $1.2 billion in assets.
Earlier this summer, Financial Advisor magazine ranked Colony as the 10th fastest growing registered investment advisor in the country based on its growth of assets under management from 2011 to 2012.
