Brown Advisory acquires $4.3bn family office

Discussion in 'Wall St. News' started by guru, Nov 22, 2018.

  1. guru

    guru

    https://citywireusa.com/professional-buyer/news/brown-advisory-acquires-4-3bn-family-office/a1177434

    Brown Advisory has acquired Virginia-based RIA and multi-family office Signature Family Wealth Advisors.

    As a result Signature, which has 48 employees working across offices in Charlottesville, Norfolk and Richmond, has become part of Brown Advisory, a wealth and investment management shop with a combined $67 billion in client assets across institutions, endowments, foundations and high-net-worth individuals.

    Terms of the deal have not been disclosed.

    A spokeswoman for Signature said there would be no layoffs as a result of the acquisition, and that Signature had no intention of rebranding in the foreseeable future.

    Susan Colpitts, who co-founded Signature in 1994 and now holds the position of chief of client experience, said: 'We are fortunate to be able to expand the use of our professionals' expertise and incorporate the complementary skills and experience of the Brown Advisory team.'

    This is Brown Advisory's fourth significant deal of the year. In February this year firm acquired venture capital firm NextGen Venture Partners.

    In March, it acquired Austin, Texas-based RIA Meritage Capital, which advised on $1.2 billion and specialized in hedge fund solutions and liquid alternatives.

    The same month Brown Advisory joined withUK-based Findlay Park's Latin America team, and merged its Latin America fund into the Brown Advisory Latin America fund on April 30.