Federal Street Advisors announced on Tuesday that it is merging with Pathstone Family Office, a multifamily office that specializes in investments, tax planning and compliance, estate planning, family education and philanthropy.
Federal Street is an independent investment consultant and wealth management firm for individuals, families and nonprofit organizations, and was among ThinkAdvisor’s Top Wealth Managers in 2012.
The new firm will be called Pathstone Federal Street, led by Pathstone’s Matthew Fleissig as president and Federal Street’s Eric Godes and Jennifer Murtie as co-chief operating officers.
Steve Braverman, who comes to the new firm from Pathstone Family Office and will serve as co-CEO, said the merger will expand the firm’s wealth management capabilities and offerings.
“We feel this combination of talents, founded on a strong mutual heritage of multigenerational stewardship and independent advice, will offer broader perspective, deeper services and a robust organization built for the long term,” he said.
Federal Street’s founder, John LaPann, will be chairman of the new firm.
“Pathstone Federal Street integrates and leverages each organization’s strengths and expertise,” he said. “Pathstone combines its solid legacy in providing integrated family office services, state-of-the-art technology and operating efficiencies with Federal Street’s long-respected internal manager research, due diligence process, and leadership in sustainable and impact investing.”
Boston-based Federal Street was ranked No. 7 on the 2012 Top Wealth Managers list. LaPann said then that Federal Street was among the first open-architecture wealth management firms for individuals and families when it launched in 1991. “There were financial planners and big institutional consultants, but nobody was really addressing the needs of institutional-sized families,” he said in an interview with Marlene Satter. “That was the original concept.”
As of May, Federal Street had $3.7 billion in assets under management and more than 1,400 accounts, according to its most recent Form ADV.
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