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Industry Spotlight > Mergers and Acquisitions

Pathstone to Buy $2B Texas RIA Brainard Capital Management

By Jeff Berman

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Partner-owned registered investment advisor Pathstone said Monday it entered into an agreement to acquire Brainard Capital Management, an Austin, Texas-based RIA that advises on about $2 billion in combined assets under management and administration.

Independently operated Pathstone provides wealth management advice and family office services for high-net-worth families, family offices, foundations and endowments.

The addition of Brainard will boost Pathstone’s total assets under advisement and administration to more than $80 billion, Pathstone said. Pathstone will have offices in 17 cities across the U.S., with more than 350 team members, over 180 of whom are shareholders in the firm, it said.

Republic Capital Group served as exclusive financial advisor on the deal, while Kastner Gravelle served as legal counsel for Brainard, and Alston & Bird served as legal counsel to Pathstone.

The purchase price wasn’t disclosed. Pathstone expects the transaction will close in the second quarter of 2023, Pathstone CEO Matthew Fleissig said Wednesday.

“Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting,” Fleissig said.

“Having known the Brainard team for a number of years, we always believed that working together would be mutually beneficial, and we couldn’t be happier to welcome our new team members in Austin,” he said in a statement.

Owen Brainard, who founded Brainard in 2004, said, “We believe that combining the resources and skill sets of our organizations will enhance our ability to service our clients at all stages of their wealth planning.”

Since it started, Brainard has “developed a niche by leveraging their expertise in advising technology entrepreneurs,” the firms said in their joint announcement.

The Brainard team “brings extensive experience advising clients in pre- and post-liquidity wealth structures,” the companies said, adding: “By coming together with Pathstone, the Brainard team will immediately be able to access Pathstone’s infrastructure, an expanded suite of services, and a deep bench of talent to broaden the scope of the services available to their existing clients and ultimately, accelerate growth in an attractive market segment.”

(Image: Shutterstock) 

Jeff Berman

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