IDB Bank and Lido Advisors have announced the official launch of IDB Lido Wealth, an SEC-registered wealth management firm created to bring Lido’s investment expertise to IDB clients.
The partnership is the first of its kind for both parties. IDB Lido Wealth will offer Lido's portfolio management strategy—specifically its real estate and hedging strategies—to the bank's domestic and international high-net-worth clients.
“Now that we are ready to operate together, our banking suite of offerings will be enhanced with superior wealth management products and services thanks to Lido Advisors' expertise,” IDB CEO Ziv Biron said, in a statement. “Already, we have seen meaningful client interest across multiple opportunities that we look forward to nurturing as part of IDB's long-term growth strategy.”
Both companies will remain independent, and Karan Kanapathipillai has been named to lead IDB Lido Wealth as its new CEO. Prior to the appointment, he was part of IDB's Private Banking leadership team and spearheaded the partnership with Lido.
Joining Kanapathipillai is a team of advisors who will be primarily servicing the New York tri-state, California and Florida markets, where IDB has branch offices. Robert Marton will manage the tri-state and Florida regions, assisted by Mark Ordona in the Northeast, and Stuart Katz will lead the California office, joined by Jason Blumberg.
Lido Advisors CEO Jason Ozur will serve as chairman of the new RIA, while President Ken Stern takes on the role of senior managing director.
"As IDB Bank and Lido Advisors' relationship progressed, it has cemented our initial reaction that this corporate teaming makes perfect sense," said Stern. "With this partnership, IDB Lido Wealth can provide IDB clients with an integrated and seamless approach to investment and wealth advisory strategies that complements the banking solutions they currently enjoy."
“This collaboration will further bring Lido's valued offering to IDB's client base and facilitates the Lido Advisors vision to establish ourselves as a leader in the wealth management arena," said Ozur.
IDB Bank is a wholly owned subsidiary of Israeli Discount Bank, headquartered in Manhattan.
Founded in 1999, Los Angeles–based Lido Advisors has more than $12 billion in assets under management and 28 offices across the United States. Backed by Charlesbank Capital Partners, the firm embraces an active investment approach focused on risk mitigation and access to alternative, core and tactical investment strategies.