NEW YORK, April 15, 2019 /PRNewswire/ -- Steward Partners Global Advisory, LLC, an employee-owned, full-service wealth advisory partnership today announced the completion of a minority investment from The Cynosure Group, an independent alternatives asset manager and advisor that makes long-term investments on behalf of families, foundations, and other like-minded institutions.
Proceeds from Cynosure's investment will be used to support Steward's continued ambitious growth as well as provide liquidity for partners.
"We're honored The Cynosure Group chose to invest in our partnership, given their stellar track record of working with companies with a history of success and a robust growth," said Jim Gold, Chief Executive Officer at Steward Partners. "The team from Cynosure bring substantial resources and will be represented by two seats on our Board of Directors, culturally we couldn't ask for a better fit."
Noted Hy Saporta, Steward's President and Chief Operating Officer, "We continue to receive significant interest from financial advisors looking to not only choose the independent route to success, but who are also interested in aligning themselves with us because of our unique structure and client-first ethos."
Messrs. Gold and Saporta said that in addition to supporting partner and shareholder liquidity, the investment will also be directed towards strengthening the firm's balance sheet, increased investments in technology and give the firm the ability to expand in to new markets.
"Steward has been growing at an incredible pace, but what's impressed us has been the team's ability to effectively manage that growth over the last few years," said Keith Taylor, Managing Director at The Cynosure Group. "We are thrilled to be partnering with such an exceptional team and we look forward to supporting the firm in any way we can going forward."
Since its founding in September of 2013, Steward Partners has grown into one of the leading independent financial advisory firms in the country with more than 215 employees across 18 offices supporting more than $11 billion in total client assets. Steward custodies assets with Raymond James Financial Services, Inc. (member FINRA/SIPC).
Jefferies LLC acted as sole and exclusive placement agent and Goodwin Procter LLP acted as legal advisor to Steward Partners. Pepper Hamilton LLP acted as legal advisor to The Cynosure Group.
About Steward Partners Global Advisory
With offices in Newtown, CT., Washington, D.C., Clearwater, FL., Andover and Boston, MA., Baltimore and Bethesda, MD., Portland, ME., Keene, Manchester and Portsmouth, NH., Paramus and Morristown, NJ., Albany and New York City, NY., Houston and Dallas, TX., and Richmond, VA., Steward Partners Global Advisory, LLC, is an employee-owned, full-service independent partnership catering to family, institutional and multigenerational wealth. For more information, visit us at www.stewardpartners.com.
About Raymond Services, Inc.
Raymond James Financial Services, Inc. is a financial services firm supporting more than 3,500 independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF) a leading diversified financial services company with approximately 7,200 financial advisors in 3,000 locations throughout the United States, Canada and overseas. Total client assets are over $730 billion.
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SOURCE Steward Partners Global Advisory, LLC