PE-backed Sequoia Financial Acquires $300M Family Asset Management

Sequoia Financial Group said it has acquired Charleston, SC-based Family Asset Management (FAM), an RIA targeting high-net-worth clients, families, corporations and foundations, which manages over $300M in assets.

The move expands Sequoia’s footprint in the attractive Southeast US region and now sees it operating 16 offices in 10 states. FAM is led by partner and COO Andrew Barrett and partner and CIO Dan Russler. 

Akron, OH-based Sequoia has made seven acquisitions since 2023 and follows closely on the acquisition it announced in August of Eide Bailly’s $1.58B wealth management practice. The firm is backed by Kudu Investment Management, which took an undisclosed minority stake in July 2020, and Valeas Capital Partners, which invested $200M in October 2022. Eide Bailly also agreed to make an equity investment in Sequoia in concert with the sale of its wealth division.

Financial terms of the deal were not disclosed. Benesch, Friedlander, Coplan & Aronoff LLP served as legal advisor to Sequoia, and Burr & Forman served as legal advisor to FAM.

Source: https://www.prnewswire.com/news-releases/sequoia-financial-group-acquires-charleston-based-family-asset-management-302293241.html

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