Homrich Berg says it’s expanding its footprint in the Atlanta area with the acquisition of Buckhead, Georgia-based Oakbridge Partners.
Founded in 1974, Oakbridge includes certified financial planners Warren Wick II, Jennifer Storey, Eric Toole and Brandon Downs, who are joining HB as principals, bringing with them more than 100 years of combined wealth management experience, according to the firm. The team also includes William Cohen, JD, LLM and oversees $1.5 billion for 480 households across 19 states, HB says.
As part of the deal, the Oakbridge team will stay in its current office near HB’s office in Buckhead until HB completes an office expansion project in its home office in Atlanta, scheduled for 2023, according to the firm.
The Oakbridge team opted to join Homrich Berg to take advantage of its infrastructure and resources to grow the firm and offer more for its clients, Homrich Berg says.
“We hit a critical point in our growth and had to make an important decision to either add infrastructure — including management, investment solutions and technology — or to partner with a firm with those capabilities,” Cohen said in a statement. “We have great respect for what our friends down the road at HB have built, and are excited to join the firm and be part of the firm’s growth trajectory in the Southeast.”
HB president Thomas Carroll had previously worked with both Toole and Downs, according to the firm.
The deal is scheduled to close at the end of May. The companies didn’t disclose the financial terms of the deal.
Founded in 1989, HB says it serves high-net-worth clients, families and non-profits, managing over $10 billion for over 2,000 families around the country. The addition of Oakbridge will brings its assets to more than $13 billion, according to the firm.
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