Emigrant Partners Stakes $1.8B Charlotte Wealth Manager 

Emigrant Partners (EP), which specializes in acquiring minority stakes in wealth and asset management firms, has taken a stake in Novare Capital Management, a fee-only, Charlotte, NC-based wealth manager with $1.8 billion in client assets. 

Financial terms of the transaction, which closed on January 15, were not disclosed. 

EP said the investment will provide Novare, which was founded in 1999 by managing directors Bill Baynard and Don Olmstead, with capital and strategic advice that will aid the firm’s growth and enhance its capabilities to provide investment planning and risk management services to high-net-worth individuals and families. 

This partnership gives us the opportunity to maintain our independence and build the ‘forever firm’ Don and I have always envisioned – while also making strategic investments in our business that will allow us to be competitive in an increasingly competitive industry,” said Baynard. 

This is the first partner firm investment for NYC-based EP since June of 2023, when it acquired a stake in Fairfield, CT-based MONECO Advisors LLC. 

EP is partnered with 20 firms overseeing $113 billion in combined assets under management and advisement. EP is a subsidiary of Emigrant Bank, which is owned and operated by the Milstein Companies. 

Colchester Partners served as Novare’s exclusive financial advisor and Moore & Van Allen served as its legal counsel. 

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