Pathstone to Acquire $45B Hall Capital Partners

Pathstone, a private equity-backed partner-owned advisory firm, has agreed to acquire Hall Capital Partners, LLC, a bi-coastal registered investment advisor with $45 billion in client assets.

The transaction will result in an RIA with roughly $160 billion in assets under advisement and administration and $100 billion in assets under management.

Pathstone, based in Englewood, NJ, will now have a nationwide presence, with 23 locations across the country and over 750 employees, approximately 300 of whom are equity stockholders. The addition of Hall Capital also strengthens its presence in New York and San Francisco, where the firm is based.

“We could not be more excited as we believe our combination represents a seminal moment for our firm, redefining the concept of scale in our industry and accessing a tremendous new group of team members and two sought-after locations – San Francisco and New York,” said Matt Fleissig, CEO of Pathstone.

Katie Hall founded Hall Capital in 1994, and the 180-member team currently advises over 130 UHNW families, endowments, and foundations. The firm has long been regarded as a leader in the independent investment advisory business.

“From the beginning, we have strived and prided ourselves on our ability to meet the needs of our clients, and we truly believe this combination brings together two complementary organizations who will benefit immensely from collaboration and sharing of resources. We are thrilled to join the Pathstone family and continue to build on our collective vision,” said Hall, who is also co-chair.

Pathstone is backed by Kelso & Company, Lovell Minnick Partners and management, all of whom will be investing additional capital to support the transaction.

UBS Securities, LLC served as the financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Hall Capital. Ardea Partners LP served as the financial advisor and Alston & Bird LLP served as legal counsel to Pathstone.