narayan
Wealthspire is purchasing a Portland, Ore.-based advisory firm specializing in institutional and high-net-worth clients with $11 billion in total assets through its Fiducient Advisors business.
Wealthspire, which oversees more than $580 billion in assets across its wealth and retirement divisions, is acquiring Sellwood Investment Partners to boost its private client and institutional profile in the Pacific Northwest.
In a statement about the deal, Wealthspire Institutional President Mike Goss said the firm’s “approach aligns seamlessly” with Wealthspire’s platform.
Sellwood was founded in 2012 and works with endowments, foundations, 529 and 529A plans, and retirement plans, as well as with high-net-worth individuals. As part of the acquisition, Sellwood’s team will continue to work out of its Portland office.
Houlihan Lokey and Berkshire Global Advisors served as exclusive financial advisors to Sellwood and Wealthspire, respectively, and the deal is subject to customary closing conditions.
Goss took over Wealthspire’s institutional business last year in the wake of private equity firm Madison Dearborn Partners’ acquisition of Wealthspire Advisors, Fiducient Advisors and Newport Private Wealth from the insurance brokerage Aon (Goss was formerly Fiducient’s president).
Since then, the firms have been brought under the Wealthspire branding, with Fiducient’s institutional business moving under Wealthspire Institutional, while its private client business moved into Wealthspire Private Client. In total, Wealthspire employs over 1,200 people across more than 40 offices nationwide.
Earlier this month, Wealthspire acquired Axia Advisory, an Indianapolis-based retirement plan consulting and investment advisory firm with $1.9 billion in client assets, via the Fiducient Advisors business. Axia included a team of four and brought in more plan sponsors and participants, as well as Axia’s employee education programs.
Last month, Wealthspire launched Wealthspire Family Office, bringing together services from its different business lines into a single shop for ultra-high-net-worth families who need the assistance a family office provides.
At launch, it was working with 300 families with close to $50 billion in assets under management, with the average family relationship over $130 million.
