Bluespring Acquires $700M Firm Focused on LGBTQ+ Community
Bluespring Wealth Partners, LLC, a registered investment advisor acquirer supported by independent broker-dealer Kestra Financial, has acquired Christopher Street Financial, a New York-based investment firm with over $700 million in client assets that focuses on the LGBTQ+ community.
Financial terms of the deal were not disclosed
Formed more than four decades ago, Christopher Street Financial is led by President Jen Hatch and CEO Mark Franczyk and employees 15 people. Bluespring said it plans to further support the firm through consulting and business development resources. The firm has been associated with Bluespring’s sister company, Austin-based Kestra Financial, for 15 years.
“Bluespring gets us,” said Hatch. “This partnership is about preserving the legacy which started over 40 years ago.”
The team specializes in financial planning for LGBTQ+ individuals, couples, and families. The firm is named after a street in Greenwich Village, a Lower Manhattan district of New York City connected with events that altered the fight for equality.
“Our firm has a 42-year reputation of helping members of the LGBTQ+ community achieve financial well-being, and we are excited to drive this legacy forward with Bluespring’s support,” added Franczyk.
The acquisition is its first since December 2022 for Bluespring after purchasing roughly 30 RIAs in the 3 ½ years since inception in July 2019.
Bluespring supporter Kestra Financial’s parent business, Kestra Holdings, is funded by private equity companies Warburg Pincus and Oak Hill Capital.
