Wealthspire Advisors to acquire wealth management firm, Private Ocean

Wealthspire Advisors, an NFP company and independent investment adviser, has signed a definitive agreement to acquire Private Ocean, a fiduciary wealth management firm with USD 2.7 billion in assets.

This transaction comes on the heels of Wealthspire’s recent agreement to acquire Private Capital Group, a USD 1 billion RIA based in West Hartford, Connecticut. After both transactions are complete, Wealthspire expects to be overseeing assets of approximately USD 17 billion and have 18 offices across the country.

Hoyt Stastney (pictured), Wealthspire’s general counsel and head of M&A said, “Wealthspire provides systems, processes, and tools that accelerate growth, which will enhance our collective ability to expand on the West Coast.”

The deal is expected to close in the fourth quarter of 2021, subject to customary approvals and closing conditions.

The Asset & Wealth Management Investment Banking Group of Raymond James served as financial advisor and Wilmer Cutler Pickering Hale and Dorr served as legal counsel to Private Ocean. Ropes & Gray served as legal counsel to NFP and Wealthspire.