City Fiduciary Group Joins Allworth Financial in Strategic Expansion
Deal News | Nov 12, 2024 | Lightyear Capital
In a strategic move to bolster its tax and wealth management offerings, Allworth Financial has successfully acquired City Fiduciary Group, a firm with a strong presence in Washington and Oregon. This acquisition grants Allworth approximately $839 million in assets under management along with 31 specialized professionals. The expansion marks Allworth's seventh acquisition within the year and enhances its ability to meet the rising demand for comprehensive financial planning across its national client base. Allworth's CEO, John Bunch, elucidated the synergetic nature of the merger, emphasizing the expanded capabilities in serving clients. Lightyear Capital, as the backing private equity firm, plays a significant role in supporting Allworth in its continued growth strategy. This acquisition is a testament to Allworth's ambitious expansion plans and client-oriented approach.
Sectors
- Wealth Management
- Private Equity
- Financial Advisory
Geography
- United States – The transaction involves companies operating in multiple U.S. states including California, Washington, and Oregon, reflecting geographic expansion in the Pacific Northwest.
- Pacific Northwest – City Fiduciary Group's presence here is a key aspect of the acquisition, indicating strategic expansion in this U.S. region.
Industry
- Wealth Management – The industry involves fiduciary management and financial advisory services for individual and corporate clients. The article discusses a major acquisition enhancing offerings in this field.
- Private Equity – Lightyear Capital, a private equity firm, is involved in this transaction, highlighting their role in supporting acquisitions and expansion strategies for their portfolio companies.
- Financial Advisory – As an acquired entity focusing on tax and wealth management, City Fiduciary Group is part of the broader financial advisory sector, which the acquisition aims to boost.
Financials
- $839 million – The assets under management brought to Allworth by City Fiduciary Group in the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Allworth Financial | Acquirer | Company | An investment and financial advisory firm focusing on wealth management services across the U.S., and the purchaser in this acquisition. |
| City Fiduciary Group | Target | Company | A tax and wealth management firm headquartered in Washington and Oregon, acquired by Allworth Financial. |
| Lightyear Capital | Private Equity Firm | Company | A private equity firm backing Allworth Financial, playing a role in funding and supporting acquisitions. |
| John Bunch | CEO | Person | CEO of Allworth Financial, involved in strategic decisions and publicly commenting on the acquisition. |
| Scott Lowe | Managing Partner | Person | Managing partner at City Fiduciary Group, commenting on the acquisition's impact and synergies. |