New York-based Tiedemann Wealth Management (TWM) and San Francisco-based Presidio Capital Advisors (PCA) have agreed to merge to create a $13bn practice.
TWM is a privately owned investment and wealth advisor, managing $9bn in client assets, while PCA is an independent wealth advisory firm and a subsidiary of The Presidio Group, which manages about $4bn in assets.
The companies have not disclosed financial terms of the deal.
The merged entity will operate under the name Tiedemann Wealth Management from offices in New York, San Francisco, Dallas, Palm Beach, Wilmington, DE and Washington, D.C.
TWM CEO Michael Tiedemann, and TWM president Craig Smith will continue in their existing roles at the combined firm.
Commenting on the merger, Tiedemann said: “This is a very positive development for our clients who will benefit from the resources and expertise of two of the country’s leading investment and wealth advisory firms.
“We are now on the ground in the financial, technology, energy and political centers of the U.S. Tiedemann and Presidio share a single focus: partner with clients to provide them with objective advice and protect and grow their wealth for generations.”
The Presidio Group founder and CEO Brodie Cobb will become a member of Tiedemann’s board of directors as part of the deal.
“This partnership enables us to provide our clients with deeper and expanded investment, estate planning and trust resources and services,” Cobb said.