Englewood-based Pathstone, a partner-owned advisory firm, announced it will acquire Crestone Capital. The deal will expand Pathstone’s reach with ultra-high net worth clients.
Based in Boulder, Colorado, Crestone delivers a suite of fully integrated investment management and wealth advisory services to an exclusive network of entrepreneurs, business owners and their families.
Upon completion, the Crestone acquisition will bring Pathstone’s total assets under advisement and administration to over $100 billion. Pathstone will now have 20 offices nationwide with over 550 team members, more than 225 of whom are shareholders of the firm.
“From the very beginning, we admired Crestone’s culture and approach to working with sophisticated families. The focus on building a firm for ultra-high net worth families is what has historically differentiated both Pathstone and Crestone, making the combination a natural fit and that much more powerful as we seek to build a true multigenerational family office experience for our clients,” Matt Fleissig, CEO of Pathstone, said.
Crestone’s Eric Kramer will join the CEO council and chief investment office and Matt Wiles will join Pathstone’s Regional Leadership Team.
Founded in 1991 by Kramer, Crestone advises approximately 150 families representing more than $3 billion in client assets. Crestone is a 100% employee-owned firm with more than 50 employees and offices in Colorado, Texas and California, and has deep expertise in working with first-generation entrepreneurs and wealth creators, bringing to bear an institutional approach to investing with a boutique, high-touch and personalized client service model.
“The rationale for this agreement is simple: We are a better firm, together,” Kramer, CEO and managing partner of Crestone, said. “Pathstone’s laser focus on ultra-high net worth clients meshes nicely with our entrepreneurial and largely self-made clients. The advantages of scale are becoming increasingly important in our industry, and Pathstone also offers a number of complementary services that are valued by our clients. We are excited about the future for our clients, shareholders and employees.”
“There are not a lot of firms out there that focus on this space,” Fleissig said. “We are growing organically and rapidly, but there is an issue of, how do you find people who know how to serve families with more than $100 million?”
Republic Capital Group served as the financial adviser and Brownstein Hyatt Farber Schreck LLP served as legal counsel to Crestone. Alston & Bird LLP served as legal counsel to Pathstone.
