Rise Growth Partners, the RIA platform led by Joe Duran, announced Wednesday its second strategic minority investment, backing Grimes and Co.
Grimes is a family-owned and operated wealth management firm with around $5.7 billion in assets under management, according to the announcement. It serves some 3,000 households nationwide through a high-touch approach to financial planning and investment management.
The partnership aims to help fuel Grimes’ growth, enabling the firm to expand its geographic presence and refine its centralized planning process. A related goal is to help Grimes attract growth-focused advisor teams and firms.
Duran, the United Capital founder and Goldman Sachs veteran, cited Grimes’ ability to deliver “truly bespoke investment portfolios at scale” as a key driver of the investment.
“We see a tremendous opportunity to partner with investment-centric firms that value centralized planning and growth while maintaining the flexibility of customized portfolios,” Duran said in a statement.
“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” added Kevin Grimes, CEO and chief investment officer of Grimes. “For our clients, it means even more resources, expanded expertise and enhanced planning capabilities. … For our advisors, it means greater access to best-in-class technology, additional investment and planning support and a strategic growth partner that allows them to better serve their clients.”
Grimes and Duran emphasized that the deal won’t require Grimes to sacrifice its independence or culture.
“We are enhancing it,” Kevin Grimes said.
The development follows on Rise’s first strategic RIA investment announced last year, backing Bleakley Financial Group. Rise itself is backed by a $250 million funding commitment from Charlesbank Capital Partners, a middle-market private investment firm with offices in Boston and New York.
Pictured: Joe Duran
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