PALM BEACH GARDENS, Fla., Aug. 21, 2013 /PRNewswire/ -- Banyan Partners, LLC ("Banyan"), an independent wealth management and investment advisory firm, today announced the signing of two definitive agreements to acquire Dallas-based Rushmore Investment Advisors and Madison, Wisconsin-based Holt-Smith Advisors. The two companies have combined assets under advisement of approximately $1 billion, 400 clients, complementary businesses and over four decades of experience managing the investment needs of high-net-worth individuals and families as well as institutions. Financial terms were not disclosed.
"This year has been a pivotal one for Banyan. We have significantly expanded our national footprint, deepened our regional presence and broadened our investment platform and capabilities," commented Peter J. Raimondi, JD, Founder and CEO of Banyan Partners. "Rushmore and Holt-Smith provide us a defined institutional platform, an in-house international investment capability and a team of highly skilled portfolio managers located throughout the central U.S., another critical market for us. We are excited to have John, Marilyn and their teams join the Banyan family."
Rushmore Investment Advisors Transaction:
Rushmore is a privately-held, employee owned registered investment advisor based in Dallas, Texas. The firm employs a comprehensive investment process, quantitative analysis and fundamental review to manage growth equity portfolios for institutions, endowments, foundations and high-net-worth individuals.
"Over the past fifteen years, we have built a proprietary investment platform led by a group of seasoned portfolio managers who have consistently delivered our clients excess relative returns. Banyan enables us to take our platform to the next level with new products and greater scale to meet the needs of our growing client base," said John Vann, President and CEO of Rushmore.
Holt-Smith Advisors Transaction:
Founded in 1987, Holt-Smith is an independent, woman owned, investment advisory firm based in Madison, Wisconsin. The firm offers several proprietary equity strategies including Large Cap Value and MidCap Growth and diversified portfolio management services for individuals, institutions, pension plans, endowments and foundations.
Marilyn Holt-Smith, President and CEO of Holt-Smith commented, "Finding the right partner is the key to any successful relationship. Banyan provides us the optimal tools and support to reach Midwest investors searching for a trusted, portfolio management partner while enabling us to preserve the values and culture our clients have come to expect over the past 26 years. We are excited to join the Banyan team as they bring their vision to life."
The transactions are subject to customary closing conditions and are expected to close in October 2013.
About Banyan Partners
Banyan Partners, LLC is a national, independent wealth management and investment advisory firm headquartered in Palm Beach Gardens, Florida. The firm has over $4.0 billion in assets under advisement and eight offices located throughout the U.S. Banyan offers objective, thoughtful advice, and custom solutions for ultra-high-net worth and high-net-worth families, family offices, foundations, and institutions. For more information, visit http://www.BanyanPartners.net.
SOURCE Banyan Partners