Pathstone Tops $100B AUM with Colorado RIA Acquisition

Pathstone, a partner-owned registered investment advisory firm that provides family office services to ultra-high-net-worth clients, has acquired Crestone Capital, a Boulder, CO-based investment management and wealth advisory firm that oversees more than $3 billion in assets.

Financial terms of the deal, which is expected to close at the end of the first quarter of 2024, were not disclosed.

Most of Crestone’s approximately 150 client families fit the profile of Englewood, NJ-based Pathstone’s ideal client, as it has focused on a niche of first-generation wealth creators like entrepreneurs. Founded in 1991 by CEO and managing partner Eric Kramer, Crestone is 100% employee owned. It has more than 50 employees staffing offices in Colorado, Texas and California.

“The focus on building a firm for ultra-high net worth families is what has historically differentiated both Pathstone and Crestone, making the combination a natural fit and that much more powerful as we seek to build a true multi-generational family office experience for our clients,” said Matt Fleissig, CEO of Pathstone.

The Crestone acquisition will bring Pathstone’s total assets under advisement and administration to over $100 billion.

Pathstone is backed by private equity firms Lovell Minnick Partners and Kelso & Co., along with serial RIA minority investor TRIA Capital Partners. The company has been a serial acquirer of both RIAs and businesses that provide RIA-adjacent services in recent years.