Rockefeller Capital Management is in talks to buy at least part of a Silicon Valley-based wealth adviser from Bank of Montreal as it targets one of the fastest growing sources of affluence in the U.S.
The investment firm led by former Morgan Stanley executive Greg Fleming is looking to acquire assets from Redwood City, California-based CTC|myCFO, according to a person with knowledge of the matter.
Discussions are still underway, and the deal may fall through, said the person, who asked not to be identified because the details aren’t public.
Fleming, 55, former head of Morgan Stanley’s retail brokerage, has sought to expand Rockefeller Capital since taking over as chief executive officer in March.
The New York-based company is interested in acquiring other wealth-management firms, particularly on the West Coast, according to people with knowledge of the plans.