Emigrant Partners Makes Strategic Investment in Parallel Advisors, LLC

Minority investment in San Francisco-based wealth management firm will bring NYPB&T's resources and expertise to Parallel Advisors' rapidly growing advisor team and clientele

News provided by

Emigrant Partners

May 04, 2020, 13:09 ET

NEW YORK, May 4, 2020 /PRNewswire/ -- New York Private Bank & Trust (NYPB&T), through its subsidiary Emigrant Partners, is pleased to announce that it has made a minority investment in Parallel Advisors, LLC, a financial planning and investment management firm headquartered in San Francisco, California.

Parallel currently manages approximately $3 billion of assets under management (AUM) for high net worth individuals, families with high incomes and pension/profit sharing plans. Emigrant Partners will provide Parallel with the expertise, resources and capital of the largest privately-held, family-owned and operated bank in the country. NYPB&T and Emigrant Partners are led by philanthropist, financier and entrepreneur Howard Milstein, representing the third generation of New York's prominent Milstein family. Republic Capital Group, led by John Langston, served as the exclusive advisor to Parallel Advisors.

Parallel, an independent, registered investment advisor, was founded in 2006 and has expanded to include locations in Dayton, Denver, Honolulu and Oklahoma City. Parallel's services include long-term planning, investment portfolio management, retirement lifestyle solutions, and tax and estate consulting and determinations. As a long-term strategic asset allocator, Parallel aims for consistent and predictable returns, balancing active and passive management and focusing on tax-efficiency to provide services tailored for each client's needs. The firm prides itself on solid portfolio construction, mindful asset allocation, and holistic wealth management designed to meet the specific goals of each client.

C.J. Rendic, Founder and CEO of Parallel Advisors, said "We are excited to partner with Emigrant and NYPB&T. It's an honor to be associated with such an accomplished group that will enable us to augment the advice and expand the services we provide our clients. This Parallel/Emigrant combination will also empower us to offer true partnership opportunities through economic incentives and our collaborative culture to attract and retain more of the highest caliber advisors in the industry."

The investment in Parallel is the latest in a series of deals by Emigrant Partners and its parent NYPB&T. Emigrant partners and Fiduciary Network have 16 investments with more than $50 billion in AUA.

"We are very pleased to have a firm of Parallel's distinction join Emigrant Partners," said Karl Heckenberg, CEO of Emigrant Partners. "While our partners retain full control over their strategy and investment decisions, Emigrant Partners has always provided long-term, stable capital and growth through both our guidance and our ability to leverage New York Private Bank & Trust's extensive network of value-added resources."

About Parallel Advisors, LLC

Parallel Advisors, LLC is a wealth management firm headquartered in San Francisco with offices in Dayton, Denver, Honolulu and Oklahoma City. It serves high net worth individuals and pension/profit sharing plans. The firm provides active financial planning, solid portfolio construction, and mindful asset allocation designed to meet the specific goals of each client. Parallel Advisors partners with clients to map out a clear, transparent and results-oriented plan. For more information about Parallel Advisors, please visit www.paralleladvisors.com.

About New York Private Bank & Trust (NYPB&T)

New York Private Bank & Trust (NYPB&T) was founded in 1850 to serve the financial needs of a growing America and a dynamic emigrant population. NYPB&T and its operating bank, Emigrant, are now the largest privately-held, family-owned and operated bank in America, offering fully-integrated banking, custom lending, insurance services and trust administration services to meet the needs of wealthy individuals, families, endowments, foundations and corporations, directly and through its various subsidiaries, including Emigrant Capital, New York Private Trust, Emigrant Fine Art Finance, Personal Risk Management, Galatioto Sports Partners and New York Private Bank & Trust.

NYPB&T subsidiary Emigrant Partners makes non-voting minority investments in wealth, asset and alternative asset managers to help them achieve their goals. For more information, visit www.emigrantpartners.com.

CONTACT:

PRCG | Haggerty LLC
212-683-8100
Jim Haggerty, [email protected]
Lucy O'Brien, [email protected]

SOURCE Emigrant Partners