Wealth Manager Pathstone Buys $1.5B RIA Rex Capital Advisors
Pathstone, an Englewood, NJ-based partner-owned wealth manager, has acquired Rex Capital Advisors, a Providence, RI-based family office with approximately $1.5 billion in client assets. Financial terms of the deal were not made available.
The acquisition will bring the Lovell Minnick Partners-backed registered investment advisor’s (RIA) total assets under advisement and administration to nearly $80 billion.
Citing cultural similarities and expansion efforts, Matt Fleissig, CEO of Pathstone, said, “We’re thrilled to partner with such a culturally aligned group and to continue strengthening our presence in New England, in line with our goal of growing within our existing regional offices.”
Pathstone has now made 11 acquisitions over its 13-year history. Last March, the RIA acquired a $3 billion piece of Eaton Vance WaterOak Advisors from Morgan Stanley.
In May 2022, the firm acquired Advisor Partners, a Newport Beach, CA-based direct indexing service provider that oversees roughly $1.9 billion in assets, in July it bought $3.5 billion RIA Dyson Capital Advisors in Alexandria, VA, and in December 2022 merged with Willow Street, a Jackson, WY-based trust and fiduciaries firm – terms of this deal were not disclosed.
Morgan, Lewis & Bockius served as legal counsel for Rex Capital Advisors and Alston and Bird for Pathstone.