Miami-based Corient announced Tuesday that it is acquiring Seven Bridges Advisors, a New York City-based RIA with $4.9 billion in assets under management (AUM).
Seven Bridges was founded in 2011 by Larry Cohen, CEO and Partner at the Manhattan firm.
Once the purchase is completed, Seven Bridges principals will become Corient Partners, Corient said.
Seven Bridges is a multi-family office and wealth manager that Corient said serves entrepreneurs and founders, financial services executives and ultra-high net worth families. The firm has extensive capabilities in private markets investing, according to Corient.
“Larry and his team have built a sophisticated practice serving wealthy clients with complex needs,” Kurt MacAlpine, Founding Partner and CEO of Corient, said in a news release announcing the acquisition.
“Their client-centered, team-based approach will fit in well at Corient. The team’s longstanding focus on entrepreneurs, founders and technology executives complements and expands Corient’s existing dedicated practice area serving these clients.”
He added, “We are excited to welcome the Seven Bridges team to our partnership.”
“What drew us to Corient was its partnership structure, which puts collaboration first and gives every client access to the collective expertise of the firm,” Cohen said in the release.
He added, “This model – unique in wealth management – combined with the quality and breadth of services offered by Corient, significantly enhances what we can deliver to clients.”
Houlihan Lokey is serving as exclusive financial advisor and Neal, Gerber & Eisenberg is legal advisor to Seven Bridges, Corient said.
Founded in 2020, Corient has over 300 partners and more than 2,700 employees managing about $535 billion for ultra-high and high net worth individuals, families and businesses, it said.
In May, Corient acquired Capital Advisors, a Tulsa, Oklahoma-based RIA with $7.8 billion in AUM that was employee-owned and was founded in 1978 and led by Keith Goddard, its CEO, and Andy Brown, its President.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
