Corient Broadens Wealth Management Services with Rootstock Acquisition
Corient, a rapidly growing national wealth advisor, has made headlines with its recent acquisition of Rootstock Advisors, a well-respected registered investment advisory firm. Rootstock, which has approximately $600 million in assets under management, specializes in providing services to ultra-high-net-worth (UHNW) clients. This strategic purchase not only fortifies Corient's commitment to exceptional client service but also extends its influence in the Pittsburgh region.
Empowering Client-Centric Decision Making
Since establishing itself in the financial industry, Rootstock has embraced a client-centric philosophy, dedicated to serving a curated group of UHNW and high-net-worth families. It offers a wide array of family office services tailored to meet the unique needs of its clientele. This includes essentials such as investment management, estate planning, philanthropic strategy, family governance, and income tax oversight.
Greg Simpson, the President of Rootstock, expressed enthusiasm about joining forces with Corient. He stated, "By becoming part of Corient, we can leverage the extensive resources and expertise of a leading wealth management firm, enabling us to enhance the services we provide to our clients." He highlighted Corient’s Private Partnership model, which ensures alignment in values across all entities and facilitates collaboration among professionals from diverse backgrounds.
Building Trusted Partnerships
Corient's CEO, Kurt MacAlpine, noted that Rootstock’s strengths align perfectly with the firm's mission. He remarked, "Rootstock’s capability to serve UHNW families with tailored family office solutions makes them an outstanding addition to our team. Together, we are committed to being trusted fiduciaries, prioritizing our clients' best interests while simplifying the complexities of wealth management." This emphasis on collaboration assures clients that they are in good hands as they navigate financial landscapes.
Recent Growth and Strategic Transactions
This acquisition marks Corient’s third significant transaction within a short timeframe. Earlier this year, Corient acquired the multi-family office business of Geller and Company in New York, following an agreement in December to acquire H.M. Payson & Co. in Portland, Maine. These strategic moves reflect Corient's rapid growth and its keen focus on expanding its service capabilities to better meet the demands of its UHNW clientele.
In November, Corient announced a definitive agreement with an affiliate of Mubadala Capital, intending to take the firm private. This development illustrates the firm’s strategic vision and robust financial backing, reinforcing its market position.
About Corient Private Wealth
Corient Private Wealth stands out as a fiduciary, fee-only wealth management enterprise dedicated to serving ultra-high-net-worth and high-net-worth clients. Blending the personalized service of a boutique firm with the robust capabilities of experienced advisors, Corient delivers varied and customized strategies aimed at creating an exceptional wealth management experience.
With a distinction rooted in its private partnership model, Corient emphasizes teamwork among its over 240 partners and more than 1,200 employees. Together, they manage around $177.3 billion in client assets, showcasing their commitment to excellence and long-term relationship-building. Headquartered in Miami, Corient operates under the umbrella of Toronto-based CI Financial Corp. (TSX: CIX), a prominent asset and wealth management company.
Frequently Asked Questions
What is the significance of Corient’s acquisition of Rootstock?
The acquisition allows Corient to enhance its services for ultra-high-net-worth clients, especially in the Pittsburgh area, and strengthen its market presence.
What services does Rootstock provide to its clients?
Rootstock specializes in comprehensive family office services, including investment management, estate planning, philanthropic strategy, and wealth planning.
Who expressed support for the acquisition at Corient?
Both Greg Simpson, President of Rootstock, and Kurt MacAlpine, CEO of Corient, highlighted the alignment of values and expertise that the merger represents.
What other recent acquisitions has Corient made?
Corient also acquired Geller and Company’s multi-family office business and agreed to acquire H.M. Payson & Co., indicating a strategy of aggressive growth.
Where is Corient based and how large is its client portfolio?
Corient is headquartered in Miami, managing approximately $177.3 billion in client assets across more than 240 partners and 1,200 employees.
