The Mather Group announced Tuesday it has acquired Mill Valley, Calif.-based Berman Investment Advisors, bringing the firm’s total assets under management up to $2.8 billion.
Berman Investments, with AUM of about $1 billion, serves ultra-high-net-worth individuals and families in the San Francisco Bay area.
“We had been tirelessly searching for the right strategic partner to help us elevate the level of service we offer clients,” said Steve Berman, founder and president of Berman Investment Advisors, who will serve as chairman of The Mather Group’s family office. “I also felt it was in my client’s best interest to look for a founder with long-term vision, rather than a private equity-backed buyer. I see a lot of my younger self in Stewart and admire his innovative vision for the business.”
The Mather Group was founded in 2011 by Stewart Mather after breaking away from Morgan Stanley. The firm has been experiencing a 52-percent organic growth rate; the Berman deal is the firm’s first acquisition.
The Mather Group in total has 55 employees across four offices in Chicago, Atlanta, Dallas and Houston.