Englewood, New Jersey, Oct. 16, 2024 – Pathstone, a premier partner-owned advisory firm renowned for its bespoke investment solutions and comprehensive family office services, has announced a definitive agreement to acquire Hall Capital Partners, LLC, a distinguished name in independent investment advisory. This strategic acquisition of Hall Capital Partners is set to significantly bolster Pathstone’s investment capabilities and expand its national presence.
Hall Capital Partners, with its established bi-coastal presence in San Francisco and New York, brings over three decades of experience serving ultra-high-net-worth (UHNW) families, endowments, and foundations. The firm is lauded for its client-centric approach, crafting and implementing customized investment strategies designed to meet the intricate financial objectives of its discerning clientele. This acquisition marks a significant milestone for Pathstone, integrating a firm celebrated for its deep industry expertise and long-standing client relationships.
Matt Fleissig, CEO of Pathstone, expressed his enthusiasm about the merger: “We have long admired Hall Capital Partners as a leader in our industry, and we firmly believe that combining our strengths will create an unparalleled value proposition. This acquisition represents a pivotal moment for Pathstone, redefining scale and bringing on board a talented team along with coveted locations in San Francisco and New York.”
Founded in 1994 by Katie Hall, Hall Capital Partners currently advises over 130 clients, managing approximately $45 billion in assets. Their team of 180 professionals, based in San Francisco and New York, possesses extensive expertise across portfolio management, investment research, and operational functions. Hall Capital’s reputation as an industry pioneer is built on its unwavering commitment to constructing and managing substantial investment portfolios.
In a joint statement, Managing Partners Eric Alt, Sarah Stein, and Simon Krinsky of Hall Capital Partners highlighted the synergistic benefits: “Pathstone’s service offerings naturally complement our research and portfolio management expertise. Both firms have independently demonstrated resilience and success in a competitive landscape. Together, we are confident in our ability to deliver an unmatched service offering and continue to meet the evolving needs of our sophisticated client base.”
Kelly Maregni, President of Pathstone, emphasized the cultural alignment: “We deeply respect the leadership team at Hall Capital Partners. This combination unites two leading firms with shared values, visions, and client-centric cultures, reinforcing our commitment to both clients and team members.”
Katie Hall, co-founder and co-chair of Hall Capital Partners, views this merger as a strategic evolution: “Joining Pathstone is a natural progression for Hall Capital Partners. Our enduring commitment has always been to serve our clients’ best interests, and we believe this partnership will foster collaboration and resource sharing that ultimately benefits them. We are excited to become part of the Pathstone family and contribute to our shared vision.”
Expanding Reach and Expertise
The acquisition of Hall Capital Partners will elevate Pathstone’s total assets under advisement and administration to nearly $160 billion, with assets under management approaching $100 billion. Post-acquisition, Pathstone will operate from 23 offices nationwide, supported by over 750 professionals, with nearly 300 holding equity in the firm. The transaction is backed by Pathstone’s existing investors, Kelso & Company (“Kelso”), Lovell Minnick Partners (“LMP”), and management, all of whom are making further capital investments to facilitate the Hall Capital Partners acquisition.
Hall Capital Partners’ established presence in San Francisco and New York significantly expands Pathstone’s geographic footprint and enhances its access to key financial markets. This strategic expansion allows Pathstone to better serve clients across the country and strengthens its position as a leading independent advisory firm. The integration of Hall Capital Partners’ experienced team further deepens Pathstone’s expertise in investment management and client service.
Advisors and Legal Counsel
UBS Securities, LLC acted as the financial advisor to Hall Capital Partners, while Paul, Weiss, Rifkind, Wharton & Garrison LLP served as their legal counsel. Pathstone was advised by Ardea Partners LP as financial advisor and Alston & Bird LLP as legal counsel.
For more information about Pathstone’s comprehensive suite of services, please visit www.pathstone.com.
About Pathstone
Pathstone is a client-centric and partner-owned advisory firm dedicated to serving ultra-high net worth families, single family offices, and foundations and endowments. Pathstone’s trusted advisors offer a comprehensive range of in-house family office services, including tailored wealth management, investment advisory, trust and estate planning, tax, bill pay, and lifestyle management services. Operating from offices across the United States, Pathstone is committed to an advocacy-driven approach, empowering clients to achieve their long-term goals and sustain their legacy. For further details, please visit www.Pathstone.com.
About Hall Capital Partners
Since its inception in 1994, Hall Capital Partners has focused exclusively on building and managing substantial investment portfolios for families, foundations, and endowments. The firm’s enduring client relationships are underpinned by consistent personnel, processes, and culture. With offices in San Francisco and New York, Hall Capital Partners currently manages approximately $45 billion in assets under management.
About LMP
Lovell Minnick Partners (LMP) specializes in investing in growth-oriented companies within the financial services, financial technology, and business services sectors. LMP partners with founders and leadership teams to drive value creation through organic growth and strategic acquisitions. Since its founding in 1999, LMP has raised over $5 billion in committed capital and invested in over 50 companies, completing over 200 add-on acquisitions. For more information on LMP, please visit www.LMPartners.com.
About Kelso
Kelso & Company is a leading private equity firm with a long history of investing, dating back to 1980. Kelso has deployed approximately $20 billion of equity capital across over 140 transactions. Founded on the principles of partnership and alignment of interest, Kelso has a strong track record in financial services, with over $4 billion of equity capital invested in the sector. Kelso is based in New York, NY. Additional information is available at www.kelso.com.
Media Contact Info:
Interdependence for Pathstone
[email protected]
