A subsidiary of global Affiliated Managers Group has acquired a minority interest in a Tarrytown firm advising high-net-worth individuals and families since 1981.
AMG Wealth Partners L.P. in Palm Beach, Fla. did not disclose financial terms of its equity deal with Clarfeld Financial Advisors L.L.C., headquartered at 560 White Plains Road. Clarfeld”™s management and employees, led by founding president and CEO Robert A. Clarfeld, continue as the firm”™s majority owners and will retain operating autonomy.
Clarfeld advises on approximately $4 billion of client assets. With the deal, AMG extends its strategic partnerships with boutique investment management firms. Through its affiliates, AMG manages more than $470 billion in assets.
AMG officials noted Clarfeld”™s specific expertise in solving the complex financial, estate and tax planning and compliance needs of U.S. citizens working abroad.
“Given Clarfeld”™s strong brand and competitive position, the firm has outstanding prospects to continue to grow its business,” John W. Copeland, president of AMG Wealth Partners, said in a press release. “Clarfeld is renowned for its unique ability to assist global executives and their families in solving the complexities of cross-border wealth management, asset transfer and tax preparation. We look forward to working with our new partners to grow their advisory business, particularly in the U.K.”
Clarfeld said the affiliation with AMG Wealth Partners will preserve “the essential elements of our firm”™s operating culture and three-decade history of success while gaining access to enhanced opportunities for growth, especially in our non-domestic business, given the scale and resources of a global financial partner.”
“We are extremely proud of our success in serving senior executives of major corporations, and other successful individuals and their families, with our holistic approach to wealth management delivered by our team of talented and credentialed professionals,” Clarfeld added. “Diversifying our ownership structure through this transaction will ensure our sustained commitment to client excellence well into the future.”
