Massey Quick & Co. LLC and William E. Simon & Sons are merging to create a wealth management firm with family office services, the two firms announced Thursday.
Massey Quick, a wealth management and investment consulting firm based in Morristown, N.J., and William E. Simon & Sons, a single family office in Los Angeles, will form Massey Quick Simon & Co. LLC.
Founded in 1988, by the late William E. Simon, former U.S. Secretary of the Treasury, the Simon firm is now led by William Simon’s sons, Peter Simon and William E. Simon Jr. Since its inception, the firm has overseen all aspects of the financial affairs for the Simon family and its heirs through a suite of family office services.
After becoming a partner at Salomon Brothers and serving as Treasury Secretary, William Simon Sr. formed Wesray, one of the early leveraged buyout firms, and did several successful LBOs in the 1980s, including Gibson Greetings.
Wall Street veterans Stewart Massey and Les Quick founded Massey Quick in 2004. Its clients include some members of the Quick family who built Quick & Reilly, the discount brokerage firm. Today, Massey Quick employs 28 people and delivers financial planning and investment advice to high-net-worth families, endowments and foundations.
The new combined entity will have $2.65 billion in assets. At the end of 2015, Massey Quick reported just over $2 billion in assets in Financial Advisor's Annual RIA Survey and its average client had $11.2 million.
“With the growth of our extended family, we have looked to partner with a firm that shares our approach and world view. Massey Quick’s investment capabilities and stellar reputation makes them an obvious choice as we begin a new era for our family,” says Peter Simon.
Merging the firms gives the Simon firm additional support in investments, Peter says.
At the same time it will increase the ability of Massey Quick to offer all of the services of a family office to its clients, says Joe Belfatto, managing partner.
Massey Quick Simon will be led by a committee of six managing partners: Stewart Massey, Les Quick, Peter Simon, Joe Belfatto, Chief Investment Officer Christopher Moore and Chief Operating Officer Mark DeLotto, who also serves as chief compliance officer.
Bill Simon will oversee the expansion of Massey Quick Simon on the West Coast and will continue to be based out of Los Angeles. Massey Quick Simon will be headquartered in Morristown and will continue to serve clients out of its offices in New York City.
“We have had a single family office for 29 years where we do all of the financial services for the family members. We were looking for someone like Massey Quick to help us with the investment side,” Peter Simon says. “This lets us offer a much larger service menu.”
“We have worked with and known the Simon family for 20 years. This merger clearly broadens our service offering to our clients,” adds Belfatto.
