Emigrant Partners, a unit of New York Private Bank & Trust’s Emigrant Bank, announced Wednesday that it has made a minority investment in Pure Financial Advisors, a $2.4 billion registered investment advisor with offices in San Diego, Orange County and Los Angeles.
Terms of the deal were not disclosed.
The deal marks Emigrant’s third deal this year, all during the COVID-19 pandemic. Earlier this month, the company announced it had taken a stake in Parallel Advisors, a San Francisco-based shop with $3 billion in client assets. And last month, it announced it had taken a similar stake in Stratos Wealth Holdings, a Beachwood, Ohio-based family of companies that collectively oversees $14.5 billion in brokerage and advisory assets.
According to a statement, Emigrant said the deal will give Pure “access to capital for organic growth initiatives and reinvestment in the company [and] M&A support for future tuck-in acquisitions.”
"[Pure’s] tech-enabled infrastructure – coupled with its successful business development process – has remained incredibly resilient through the current pandemic,” said Karl Heckenberg, president and CEO of Emigrant, in a statement.
Raymond James advised Pure on the deal.
To date, Emigrant and its affiliate Fiduciary Network have invested in 17 RIAs, which collectively manage about $55 billion in assets.
New York Private Bank & Trust was created by the Milstein family, which made its fortune in real estate and then moved into banking with the 1986 purchase of Emigrant Savings Bank, in 2003 “to serve the needs of similarly successful families,” according to its website.