For Simon Quick, this acquisition follows the merger with the William E. Simon & Sons family office in 2017 and is a reflection of the firm’s interest in aligning with other RIA firms with similar values that can benefit from the operational infrastructure the firm has developed.
The leadership and advisory staff of Red Hook Management will all join Simon Quick, bringing the combined entity to 68 total employees and approximately $5 billion in assets under management.
“In the deal-making frenzy that has hit the independent advice space, we’ve remained selective on partnerships. Our focus has been on opportunities to partner with advisory firms where the people share our values and commitment to providing personalized wealth management services to a sophisticated clientele. The incoming team will benefit from the resources and infrastructure we have built to optimize the mutual success of our advisors and clients.” explains Mark DeLotto, managing partner at Simon Quick.
While the two firms share a common hometown, the catalyst for the union came down to the practicalities of running a modern fiduciary wealth management business.
“As our firms got to know each other, we were so impressed with their commitment to building an operational infrastructure that improved the advisor experience and client outcomes. Their proprietary technology, SQ CORE™, and dedicated business functions like investment research and marketing, made the opportunity to work together compelling,” shares Tom Trynin, president of Red Hook and incoming Partner at Simon Quick.
Simon Quick’s multi-family office pedigree and the sophistication in their investment solutions aligns with the evolving needs of Red Hook’s client base, explains DeLotto. “In asserting ourselves in the market as strategic partners, we know that we need to be able to deliver operational excellence and a platform for organic growth. At the same time, we know we are a viable solution for firms looking to solve technological, operational, and succession issues.”
“For our long-term future, we needed to find a partner that gave our team and our clients assurance that we had the platform to serve them and their families for years to come. Their commitment to independence made this the perfect fit,” states Trynin.
Gladstone Associates facilitated the M&A search process, Echelon Partners provided buy-side investment banking services, and Lowenstein Sandler provided legal services.