Wealth Advisor Pathstone Buys $2B Tech-Focused Brainard Capital Management

Englewood, NJ-based Pathstone, a partner-owned wealth advisory firm, has agreed to acquire Brainard Capital Management, an advisory firm with approximately $2 billion in combined assets under management and administration.

Financial terms of the deal, which is expected to close in the middle of May, were not disclosed.

Founded by Owen Brainard in 2004 and based in Austin, TX, Brainard provides investment consulting and advisory services to ultra-high net worth individuals and families with a focus in the technology space.

“Pathstone strives to be innovators, so coming together with a firm built on servicing innovative entrepreneurs is only fitting,” said Matt Fleissig, CEO of Pathstone. “Having known the Brainard team for a number of years we always believed that working together would be mutually beneficial and we couldn’t be happier to welcome our new team members in Austin.”

Pathstone said the union will give the Brainard team access to its infrastructure, services and more.

The acquisition will bring Pathstone’s total assets under advisement and administration to more than $80 billion, which will now have offices in 17 cities nationwide with over 350 team members -more than 180 of whom are shareholders.

Fleissig and Pathstone president Kelly Maregni took on their current roles in July 2022, following two other acquisitions: California-based technology firm Advisor Partners in May 2022 and the assets of Florida-based Eaton Vance WaterOak Advisors in March 2022.

Pathstone is backed by private equity firms Kelso & Company and Lovell Minnick Partners.