Minority Investment from Emigrant Partners
Verdence Capital Advisors has Received a Minority Investment from Emigrant Partners/New York Private Bank & Trust
BALTIMORE, MD, July 21, 2021 – Verdence Capital Advisors, LLC, is pleased to announce that New York Private Bank & Trust (NYPB&T), through its subsidiary Emigrant Partners, has completed a minority investment in Verdence Capital Advisors, a financial planning and independent wealth management firm headquartered near Baltimore, Maryland. The infusion of capital and intellectual alignment will help Verdence enhance service offerings for clients by investing in their platform and expanding their team. Additionally, Verdence will accelerate growth by developing a national footprint through M&A.
Verdence currently oversees approximately $3 billion in assets under management (AUM) for high-net-worth families, business owners, executives, and professional athletes and entertainers. Led by philanthropist, financier, and entrepreneur Howard Milstein, Emigrant Partners/NYPB&T is one of the largest privately held, family-owned and operated banks in the country.
Verdence, an independent, fee-based, registered investment advisory, was founded in 2012 as Kelly Wealth Management and rebranded in 2017 as Verdence Capital Advisors, after separating from Hightower Advisors. Verdence’s services include a range of family office, wealth management, financial planning, and business exit strategy for entrepreneurs and business owners. Over just the past year+, Verdence has added new divisions focusing on its family office clients (Verdence/FAMILY) and its specialized clientele of professional athletes and entertainers (Verdence/PRO), with plans to add additional lines of growth.
Leo Kelly, Founder and CEO of Verdence Capital Advisors, said, “We considered many potential capital investors and are thrilled to be moving forward with Emigrant Partners. The capital from this investment will be dedicated to the growth of our firm. The partners at Verdence unanimously agreed not to take any liquidity from this event. Instead, we have a shared commitment to leverage this investment to build a multi-generational firm. We will expand our national footprint and make investments to enhance our clients’ experience. Emigrant will help us accomplish these objectives and we will benefit exponentially from their industry knowledge and experience.”
“Verdence, with its scale, depth and breadth of capabilities, has developed an outstanding platform for M&A and we are excited to begin working with them on strategic opportunities,” said Karl Heckenberg, CEO of Emigrant Partners. “We continually seek to further enhance businesses with strong management teams, well-defined marketing strategies, and high-touch client service models, all of which describe the Verdence approach. Leo and his team have done a tremendous job building their business and we look forward to collaborating with them as they enter the next stage of their growth.”
Steven Levitt, Founder of Park Sutton Advisors, the investment bank that advised Verdence on the transaction, said, “As RIA firms continue to transact at a record pace, leading independent RIAs are seeking capital to accelerate their growth through M&A. Leo Kelly, Tom New, and their topnotch team have held a consistent commitment to the firm’s culture and to supporting advisors’ growth. They are well-positioned to be an active contender in the RIA M&A space. I am so pleased to see them find a quality partner who can contribute to their continued success.”
Verdence was advised by Park Sutton Advisors, LLC, while Alston & Bird LLP served as legal counsel. Seward & Kissel LLP served as Emigrant Partners’ legal counsel.
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About Verdence Capital Advisors
Verdence Capital Advisors is a nationally-recognized private wealth advisory and multi-family office firm headquartered in Maryland, with an office in Northern Virginia. Committed to the principle that advice should be transparent, customized and given without bias, true independence is one of the guiding principles of Verdence Capital Advisors.
For more information, visit: www.verdence.com
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Chris Sullivan/Rosa Sobrino