Tiedemann Wealth Management (TWM), a New York-based wealth adviser overseeing USD9 billion in client assets, is to merge with Presidio Capital Advisors (PCA), a San Francisco-based wealth adviser and subsidiary of The Presidio Group with approximately USD4 billion in assets.
Terms of the transaction have not been disclosed.
The combined firm will operate under the Tiedemann Wealth Management brand with approximately USD13 billion in assets under advisement and offices in New York, San Francisco, Dallas, Palm Beach, Wilmington, DE and Washington, DC.
Michael Tiedemann, chief executive of TWM, and Craig Smith, president of TWM, will maintain their roles as CEO and president of the combined firm.
“This is a very positive development for our clients who will benefit from the resources and expertise of two of the country’s leading investment and wealth advisory firms. We are now on the ground in the financial, technology, energy and political centres of the US,” says Tiedemann. “Tiedemann and Presidio share a single focus: partner with clients to provide them with objective advice and protect and grow their wealth for generations.”
“We are proud to join forces with a firm that shares our values of accountability, transparency and focus on results, along with the same dedication and passion to a high-touch, clients-first approach,” says Brodie Cobb, founder and CEO of The Presidio Group, who will join Tiedemann’s board of directors. “This partnership enables us to provide our clients with deeper and expanded investment, estate planning and trust resources and services.”
Smith adds: “We are all very excited about broadening our talent pool to further enhance the services we provide and our overall client experience. We take great pride in remaining committed to our private ownership structure and our completely objective approach to wealth management.”
Silver Lane Advisors acted as financial adviser to TWM and Morgan, Lewis & Bockius acted as legal counsel. Berkshire Capital Securities acted as financial adviser to PCA, Gibson, Dunn & Crutcher acted as legal counsel, and BDO Transaction Advisory Services provided tax structuring advice.