Seattle-based Laird Norton Wealth Management, a registered investment advisory and subsidiary of the Laird Norton Company, announced it has merged with Wetherby Asset Management, a San Francisco–headquartered RIA, creating a $15 billion family- and employee-owned company.
Details of the transaction were not disclosed, except that it was a strategic investment made by the Laird Norton Company, a family-owned enterprise that invests in real estate and operating companies.
The combined businesses will continue to operate under the Laird Norton Wealth Management and Wetherby Asset Management names. Laird Norton Wealth Management CEO Kristen Bauer will serve as CEO of the combined firms, while Debra Wetherby will continue to serve as managing partner of Wetherby and serve on the Laird Norton Wealth Management board of directors.
The deal will expand Laird Norton on the West Coast, with the addition of Wetherby’s San Francisco and Los Angeles offices, and provides an East Coast presence, with Wetherby’s New York location.
The combined firm will serve high- and ultra-high-net-worth families and specialize in impact investing, private equity and alternative investments, trust services and multigenerational estate planning, philanthropic advising, family business, real estate advisory, and financial and tax planning. Laird Norton has its own trust company.
“The combination will enhance access to specialty expertise from a broader range of in-house experts,” the firms said in a statement. “It will create an expanded platform from which to source high-quality investment opportunities and create a larger community of clients who seek an advisor to help them navigate multigenerational challenges while serving their current financial needs.”
This marks Laird Norton’s second merger in as many years, following its combination with fellow Seattle firm Filament, which created a $6 billion RIA, in December 2020.