Seattle-based RIA Coldstream merged with Cable Hill Partners, a Portland, Oregon-based investment advisory firm managing approximately $2 billion in client assets.
This transaction, which closed on June 1, is Coldstream’s third major expansion into the Portland area. A spokesperson for Coldstream said that the deal did not involve private equity support.
Founding Partners Brian Hefele and David Christian, who was also Chief Growth Officer, owned and operated Cable Hill, which provided investment advice to high net worth individuals, trusts, estates, charitable organizations and businesses, as well as retirement plan support. The merger is expected to enhance Coldstream’s ability to provide retirement services to institutional clients.
“In working with David, Brian and the rest of the Cable Hill team, it has become clear that we share very similar values of independence and service,” said Kevin Fitzwilson, Coldstream’s Managing Shareholder.
“Cable Hill’s approach is completely complementary to our comprehensive offerings and bringing them aboard advances our strategy to deliver a full range of financial services for individuals and institutions as an independent and employee-owned firm. I look forward to what we can accomplish together.”
The Cable Hill team comprises 13 advisors and 16 support staff, who became shareholders of Coldstream. The combined firm has approximately $13 billion in total client assets.
“Over the past several years, we have carefully considered how to continue to serve our clients’ evolving needs and grow our business while staying true to our deeply held values,” said Christian.
“While there were several firms that wanted to help us reach the next phase of our business, Coldstream was the only partner we considered. I’ve worked with their leadership for years and their vision for this industry, independent ownership structure and approach to team building give us exactly what we need to better serve our individual and institutional clients.”
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
