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Pathstone to Acquire Cornerstone Advisors to Form $20B RIA

Pathstone, a non-public equity-backed household workplace in Englewood, N.J., introduced its acquisition of Cornerstone Advisors, a registered funding advisor headquartered in Bellevue, Wash. The transaction would create an RIA with $20 billion in belongings beneath advisement.
The acquisition, suggested by Raymond James’ funding banking crew, grows Pathstone’s capabilities and choices. The mixed agency may have 200 staff throughout 9 workplaces. Cornerstone will convey over 65 staff and 22 new companions. Allan Zachariah, Pathstone’s co-CEO, stated the addition of recent companions equates to 44% of staff that may have fairness within the agency.

“That is important to enhance the power of the enterprise, serving to us to insure stability and longevity for shoppers and staff,” he stated, in an announcement.

Cornerstone Advisors is a privately-held agency managing $four billion in belongings beneath administration.

In late 2019, Pathstone, an independently operated and partner-owned agency, introduced that personal fairness agency Lovell Minnick Companions would take a stake within the agency, whereas Fiduciary Community, its earlier associate, would promote its stake within the RIA.

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