Pathstone, a prominent partner-owned advisory firm, has acquired Veritable, a $17 billion registered investment advisor and multi-family office focused on the mega-wealthy.

NJ-based Pathstone is acquiring the RIA from its management partners and independent investment manager Affiliated Managers Group, Inc. in an all-cash deal

Financial terms of the transaction, which is expected to close in the third quarter, were not made available.

This acquisition marks a significant milestone for Pathstone as it solidifies its position as the largest independent RIA catering to the ultra-high net worth market.

“Veritable changed everything in the UHNW advisory business – they have a rich history of creating what today we call a multi-family office, and they understand what it means to deliver differentiating advice to UHNW families. Together with Veritable, we are creating a firm that is truly in a category of one,” said Matthew Fleissig, Co-Founder and CEO of Pathstone.

The deal for the suburban Philadelphia-based Veritable adds more than 200 clients, averaging $75 million in assets each, and brings Pathstone’s assets under advisement and administration to over $100 billion.

“Veritable’s mission has always been to be the most trusted financial advisor in its clients’ lives and to cultivate an environment that embraces innovation,” added Michael Stolper, co-CEO and Founder of Veritable.

Pathstone received a capital injection earlier this year when private equity firm Kelso & Co. joined private equity firm Lovell Minnick as a co-investor in the company.