Investment firm Cornerstone Capital Management has disposed of its 60-client wealth management business to a subsidiary of independent accounting and financial consulting firm Boulay, Heutmaker, Zibell & Co.
Further terms of the transaction have not been disclosed, as reported by the Business Journal.
Following completion of the acquisition, the acquired start up will operate as a part of Boulay Financial Advisors, an investment advisory and wealth management subsidiary of Boulay.
Boulay Financial Advisors, which already serves nearly 300 clients, said that the Cornerstone group’s head Thom Berkowitz will join the company as a wealth management partner.
Cornerstone CEO Andrew Wyatt was quoted by Business Journal as saying that the acquisition will enable Boulay to better serve its individual and family clients, whose requirements are different from its institutional investors.
Boulay, Heutmaker, Zibell & Co offers strategic accounting, tax, business planning and wealth management services to its customers in the US.