Deal Adds $3.4 Billion in Client Assets and 22 Advisors to Partnership and Expands Reach to West Coast
Steward Partners Holdings, LLC an employee-owned, full-service independent partnership, has closed on its acquisition of Umpqua Investments Inc., a registered broker dealer and registered investment adviser, from Umpqua Holdings Corporation. The entity has been renamed Steward Partners Investment Solutions, LLC. The acquisition marks Steward Partners’ planned expansion into the Pacific Northwest and will add 22 financial advisors managing $3.4 billion in client assets generating $15 million in revenue and raises Steward Partners’ total client assets under management to more than $22 billion.
“Our goal since launching Steward Partners has been to build a company with a nationwide presence,” said Jim Gold, Steward Partners CEO. “With the closing of our acquisition of Umpqua Investments, we’ve established a firm foothold on the West Coast and look forward to building further on that momentum.”
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All of the clients of Umpqua Wealth Management will now be part of Steward Partners. Steward is also looking forward to an ongoing referral partnership with Umpqua Bank.
“We spent countless hours ensuring the transition goes smoothly,” said Eric Field, newly appointed Divisional President of the West Coast for Steward Partners. “The enthusiasm from the field to become a Steward Partner is truly amazing. Advisors and their teams can’t wait to tap into all the resources Steward Partners has to offer.”
Every employee previously with Umpqua Investments will now enjoy the infrastructure and platform available to all Steward Partners. In addition to enhanced tools and services for advisors and clients, all new Partners will also be awarded units in the partnership.
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“This acquisition represents a major step forward in our long-term goal of positioning Steward Partners as the destination of choice for established advisors who want to grow their own businesses while being part of a much larger entity,” commented Hy Saporta, President and Chief Operating Officer, Steward Partners Global Advisory. “The advisors joining Steward as part of the Umpqua Investments team share our vision of the future and come from a culture that aligns with our own.”
Steward Partners is one of the country’s fastest growing independent wealth management firms and ranked #24 on Barron’s list of Top RIA’s in 2020. Steward also has been named to InvestmentNews and Washington Business Journal’s “Best Places to Work” lists.
Goodwin Procter LLP was Steward Partners legal advisors on the deal. Umpqua Bank was advised by the asset and wealth management investment banking team of Raymond James throughout the course of negotiations, with Benesch Friedlander Coplan & Aronoff LLP serving as legal counsel.
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