August 19, 2013

AMG Wealth Acquires Equity Stake in Clarfeld Financial Advisors

Based in New York and with a presence in London, Clarfeld provides estate planning to HNW U.S. citizens at home and abroad

AMG Wealth Partners, a Palm Beach, Fla., subsidiary of Affiliated Managers Group (AMG), announced Monday that it has acquired an equity interest in Clarfeld Financial Advisors.

Based in New York and with a presence in London, Clarfeld provides investment, estate and financial planning, as well as tax planning and compliance, risk management and family office services to corporate executives, business owners and other high-net-worth individuals and their family trusts and foundations.

Clarfeld’s management and employees will continue to hold a majority of the equity in the business and retain operating autonomy. As part of the transaction, a group of Clarfeld’s senior professionals has made long-term employment commitments to the firm. The terms of the transaction were not disclosed.

“Through our affiliation with AMG Wealth Partners, we will retain the essential elements of our firm’s operating culture and three-decade history of success while gaining access to enhanced opportunities for growth, especially in our non-domestic business, given the scale and resources of a global financial partner,” Clarfeld President and CEO Robert Clarfeld said in a statement.

Affiliated Managers is a global asset management company with equity investments in leading boutique investment management firms. As of June 30, the aggregate assets under management of AMG’s affiliates totaled more than $470 billion in more than 400 investment products across a range of investment styles, asset classes and distribution channels. AMG’s strategy is to generate growth through the internal growth of existing affiliates, as well as through investments in new affiliates.

“Clarfeld is recognized as one of the leading wealth advisory boutiques and we are pleased to welcome them as a partner,” said AMG Chairman and CEO Sean Healey in a statement. “Rob Clarfeld and his team have built a highly regarded advisory business with a loyal client following, a strong culture of risk management and a breadth of services and expertise typically found only at much larger firms.”

Founded in 1981 by Robert Clarfeld, the firm advises on approximately $4 billion of client assets. In addition to its domestic capabilities, the firm has expertise in solving the financial, estate and tax planning and compliance needs of U.S. citizens working abroad. Clarfeld is ranked among the top independent investment advisory firms in the U.S. by Barron’s.

Read AMG Wealth Nabs Veritable Equity Stake in Big Succession Planning Deal at ThinkAdvisor.

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