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FUNDRAISING NEWS | January 30, 2025
Tags: RIA, Mergers / Acquisitions
Multi-family office Pitcairn has acquired Baltimore-based, ultra-high-net-worth RIA Brightside Partners in a move that boosts its alternative investments platform and increases total assets under advisement to more than $9B.
In a January 30 release announcing the deal, Pitcairn said Brightside brings its network of more than 100 asset managers and research partners across venture capital, private equity, private credit, and real estate asset classes, significantly augmenting its alternatives offerings and capabilities.
In tandem with the closing of the transaction, Pitcairn has established a new RIA entity, Pitcairn Wealth Advisors, designed to complement its existing trust company and support its “shared single-family-office” model. Pitcairn Wealth will operate along with Pitcairn Trust under the Pitcairn Financial umbrella, with existing client services for both Brightside and Pitcairn clients transitioning to the new RIA entity.
Pitcairn Chairman Rick Pitcairn dubbed the acquisition “a pivotal moment,” saying the firm needed a new regulatory structure as it has evolved from a small Pennsylvania family office into a national firm. Brightside’s three partners – Pace Kessenich, Ryan Pollard, and Justin Bakewell – will join Pitcairn’s strategic leadership council as part of the deal.
According to its most recent Form ADV filed in July 2024, Brightside employs a staff of 12, six of whom are advisors, and had $853M in regulatory AUM, virtually all of it for high-net-worth individuals.
Written By: Dakota
October 10, 2024
November 25, 2024
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