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NEW YORK & SEATTLE–(BUSINESS WIRE)–Tiedemann Wealth Management, a New York-based independent national wealth advisor with approximately $12 billion in assets under advisement, and Threshold Group, a wealth-advisory firm and family office with $3.4 billion in assets under management, founded by the Russell family and based in Seattle, today announced that they have entered into a definitive purchase agreement.
“The importance of having a similar culture and vision for delivering multi-generational value for the families and foundations we serve was paramount in deciding to work together,” said Michael Tiedemann, CEO and Chairman of the Board of the combined firm. “Many of our clients have shown interest in impact investing. The addition of Threshold’s expertise in this area to our existing investment platform and comprehensive services will be a welcome addition for our clients today and prospects in the future.”
George and Jane Russell founded Threshold Group in 1998 when George sold his global investment services firm known as Russell Investments. The Russell family were early innovators in impact investing making their first impact investment in 2006. Today, Threshold Group is an independent wealth advisor and a leader in the rapidly growing impact investment sector with $1.5 billion designated to impact investments that focus on companies, organizations and funds that generate measurable social and environmental benefit as well as financial return for their families, foundations and endowments.
“More and more, clients are insisting their portfolios align with their values, especially as diversified impact portfolios offer returns which are no longer considered concessionary,” said Eric Russell, who will join Tiedemann’s Board of Directors. “Many people, including younger investors, have the expectation to use their financial resources to benefit the greater good by investing in entities focused on making improvements in education, the environment, urban renewal, and more. We are very excited that the combined firm will offer all of our clients broader resources, a more robust technology platform, and deeper expertise across all service lines.”
Details of the transaction, expected to close in December, were not disclosed. The Russell family will assume an ownership stake in Tiedemann and will retain a relationship as a client. The combined firm will operate under the Tiedemann Wealth Management brand with approximately $15 billion in assets under advisement. The acquisition will extend the new firm’s geographic reach on the West Coast by adding Seattle to its offices in New York, San Francisco, Dallas, Palm Beach, Washington, D.C. and Wilmington, DE.
Silver Lane Advisors LLC acted as financial advisor and Perkins Coie LLP as legal advisor to Threshold Group. Morgan Lewis & Bockius LLP acted as legal advisor to Tiedemann Wealth Management.
About Tiedemann Wealth Management
Tiedemann Wealth Management is an owner-managed independent investment and wealth advisor with a single focus: to protect and grow their clients’ wealth. Tiedemann provides high-net-worth individuals, family offices, trusts, foundations and endowments with customized, objective investment management, trust, estate and wealth planning services, with full transparency on investment decisions, fees and performance. Founded in 1999, Tiedemann Wealth Management is headquartered in New York, with offices in San Francisco, Dallas, Palm Beach and Washington, D.C. The firm provides trust services through Tiedemann Trust Company, a state-chartered trust company located in Wilmington, Delaware. Together, Tiedemann oversees more than $12 billion in assets. For more information, visit: http://www.tiedemannwealth.com
About Threshold Group
Threshold Group, LLC, based in Seattle, is a leading wealth management firm with clients in more than 28 states, dedicated exclusively to serving individuals, multigenerational families, and foundations. The company provides integrated investment guidance, financial planning, legacy planning, and family office services – all aimed at helping clients achieve their missions and priorities. The firm is a Registered Investment Advisor with approximately $3.4 billion of assets under management and roughly $1.5 billion designated to impact investments, as of June 30, 2017. Threshold Group was founded by the Russell family, which created the global investment services firm known today as Russell Investments.