Pathstone and Veritable Join Forces
In an exciting development within the financial industry, Pathstone and Veritable have announced their merger. This strategic union will allow both firms to reinforce their mission and fulfill their commitment to clients. The combination of cultural and philosophical alignment between Pathstone and Veritable sets the stage for continued growth, collaboration, and the delivery of a unique solution in the independent RIA space.
Impressive Footing in the Industry
Pathstone, based in Englewood, N.J., has garnered recognition as one of the top Registered Investment Advisors (RIAs) for 2022. With financial backing from private-equity firms Lovell Minnick Partners and Kelso & Co., Pathstone has established itself as a key player in the market. The firm’s successful acquisition of Dyson Capital Partners, an esteemed investment advisor with $3.5 billion in client assets, further solidifies Pathstone’s position.
Deal Closure and Prospective Plans
Although the terms of the merger remain undisclosed, both Pathstone and Veritable expect the deal to be finalized in the third quarter. Upon closing, Affiliated Managers Group will receive the proceeds in cash. The anticipated cash proceeds of approximately $294 million from the transaction will be utilized for debt repayment, future growth initiatives, and share repurchases. This move speaks to AMG’s commitment to aligning with strategic partners and supporting positive outcomes for stakeholders, including Veritable’s valued clients, partners, and employees.
