Englewood-based wealth adviser to acquire Veritable

Pathstone, an Englewood-based wealth adviser to ultra high net worth clients, on Monday said it will acquire 100% of the outstanding equity interests in Veritable from its management partners and Affiliated Managers Group.

The transaction, which will increase Pathstone’s assets under advisement and administration to more than $100 billion, is expected to be completed in the second half of 2023.

“Veritable changed everything in the UHNW advisory business — they have a rich history of creating what today we call a multifamily office, and they understand what it means to deliver differentiating advice to UHNW families,” Matthew Fleissig, co-founder and CEO of Pathstone, said.

Founded in 1986 by Michael Stolper, Veritable, of Newtown Square, Pennsylvania, is one of the first multifamily offices in the country built to serve ultra high net worth clients.

Veritable’s team of 87 individuals will join Pathstone as part of the deal.

“Veritable’s mission has always been to be the most trusted financial adviser in its clients’ lives and to cultivate an environment that embraces innovation,” said Michael Stolper, founder and co-CEO of Veritable. “We are culturally and philosophically aligned with Pathstone, and this combination will allow us to further deliver on our mission and execute on the generational promise we’ve made to our clients. While we are proud of what we have built as Veritable, we look forward to this next chapter being one of continued growth, collaboration, and delivering a truly differentiated solution in the independent RIA space.”

“As we have grown, we have been very careful to preserve our high-touch approach and individually tailored service offerings to our clients,” Kelly Maregni, president of Pathstone, added. “A family orientation, a strong drive to provide top-of-class advice and consultancy, and remarkable cultivation of long-term employee and client relationships are the values that brought us to this point. This acquisition furthers our mission to provide clients joining the Pathstone family with unmatched counsel from in-house experts to foster multidimensional generational growth.”

Colchester Partners LLC served as the financial adviser and Cozen O’Connor LLP served as legal counsel to Veritable. Ardea Partners LP served as the financial adviser and Alston & Bird LLP served as legal counsel to Pathstone.