The Mather Group (TMG), a provider of financial planning, wealth management and family office services, has acquired Berman Investment Advisors, a California-based financial planning firm. Financial terms of the transaction were not revealed.
The deal adds over $1bn in assets to TMG’s books and expands the firm’s assets under management to $2.8bn. It also expands the firm’s presence into the San Francisco Bay Area.
The latest takeover marks TMG founding partner Stewart Mather’s first move in his acquisition growth strategy.
At the same time, Mather also said that he will continue to focus on organic growth strategies such as technology investments and expansion in new markets.
Berman Investment Advisors founder and president Steve Berman said: “We had been tirelessly searching for the right strategic partner to help us elevate the level of service we offer clients.
“I also felt it was in my client’s best interest to look for a founder with a long-term vision, rather than a private equity-backed buyer. I see a lot of my younger self in Stewart and admire his innovative vision for the business.”
Berman will join TMG as chairman of the family office as part of the deal.
“Steve brings incredible intellectual capital to the table with his wealth management experience, specifically with ultra-high net worth families,” Mather noted.