Emigrant Partners, a subsidiary of New York Private Bank & Trust, has made a minority investment in Gerber Taylor Capital Advisors, an advisory firm in Memphis, Tennessee, that manages and advises on $13.8 billion in assets.
Financial terms of the investment were not disclosed.
The transaction will support succession planning among the partners of Gerber Taylor and “secure an independent future for the company,” New York Private said in a release.
The bank is one of the largest privately held, family owned and operated banks in the country. It is led by Howard P. Milstein and the Milstein family, large New York City real estate owners.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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