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Friday, January 4, 2019

Citizens Bank Makes Big Play with $7.5 Billion Wealth Management Firm Purchase - Financial Advisor IQ

Citizens Bank has completed the acquisition of multi-family office Clarfeld Financial Advisors, Citizens Bank says.

Clarfeld offers financial planning to high net worth and ultra high net worth clients and their families and “related entities,” according to a press release from Citizens.

Clarfeld will continue operating under its own brand name but as a division of Citizens Bank Wealth Management, Citizens Bank says. Robert Clarfeld will continue in his role as Clarfeld’s CEO, according to the press release.

“The completion of the Clarfeld Financial Advisors acquisition is a significant milestone in the growth of our wealth management business,” John Bahnken, president and chief executive officer of Citizens Bank Wealth Management. “The addition of Clarfeld’s highly skilled team and broad range of advisory services strengthens our existing platform, enhancing our ability to provide a full suite of family office, investment, financial planning and tax and estate planning services for existing and new clients.”

The combined wealth management business will manage around $14.4 billion of assets under management and a combined $34.1 billion in assets under management and under administration, according to the press release.

When Citizens Bank announced the planned acquisition last year, it said Clarfeld had around $6.6 billion in assets under management and $900 million in assets under administration as of the end of September 2018.

Citizens did not disclose the financial terms of the deal.



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