Englewood, N.J.-based Pathstone announced today that it has acquired Austin, Texas-based registered investment advisor Brainard Capital.
The addition of Brainard, which operates an advisory and investment consultant business with $2 billion AUM, brings Pathstone’s total assets under advisement and administration to over $80 billion, according to the announcement.
“Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting,” said Matt Fleissig, CEO of Pathstone, in released comments. “Having known the Brainard team for a number of years we always believed that working together would be mutually beneficial and we couldn’t be happier to welcome our new team members in Austin.”
Brainard’s Austin offices expand Pathstone’s reach to 17 cities and its total headcount to over 350, with more than 180 owning a stake in the firm.
Founded in 2004 by Owen Brainard, Brainard serves a niche of technology entrepreneurs and brings to Pathstone an expertise in advising clients on pre- and post-liquidity wealth structures.
“After getting to know the Pathstone team, we couldn’t be more excited to join forces with a group that we are both culturally and philosophically aligned with,” said Brainard in released comments. “We believe that combing the resources and skill sets of our organizations will enhance our ability to service our clients at all stages of their wealth planning.”
Pathstone announced earlier this year a new strategic equity investment from Kelso & Company (Kelso) and Lovell Minnick Partners (LMP) that will be used to fuel its growth.
Pathstone’s recent acquisitions include $1.5 billion Rex Capital Partners in February, the $35 billion Wyoming Trust Company, announced in December, WaterOak’s $3 billion advisory business in April of last year, and $2 billion Cornerstone Capital in 2021.
Brainard was advised on the transaction by Republic Capital Group. Additional terms of the deal were not disclosed on Monday.
