The latest wealth management transactions in North America.

New York Private Bank & Trust (NYPB&T) has invested in Ulrich Investment Consultants, a US wealth management firm, via its subsidiary Emigrant Partners. 

Ulrich, which has offices in San Antonio, Texas, Albuquerque, New Mexico, and Spokane, Washington, was founded more than 10 years ago. It oversees more than $1.7 billion of assets under management, serving high net worth individuals and families, ERISA plans and Native American Tribal Clients.

NYPB&T is led by philanthropist, financier and entrepreneur Howard Milstein, representing the third generation of New York’s prominent Milstein banking and real estate family. Republic Capital Group served as the exclusive advisor to Ulrich Investment Consultants.

The financial terms of the investment stake were not disclosed.

“After a thorough due diligence process of seeking out potential partners, it became clear to our team that Emigrant was the optimal choice to support the future growth of our business, while protecting our strong sense of independence and dedication to our clients,” the group’s president and founder John Ulrich said.

Emigrant has had a busy stretch investing in RIA's with strong AuM in key territories ready to benefit from fresh capital and the private bank's resources, including its trust business. To date Emigrant and its affiliate Fiduciary Network have partnered with 19 firms that oversee roughly $65 billion in aggregate assets.

The group added $1.7 billion in AuM last summer when in took a minority stake in West Coast wealth and investment firm Hollencrest Capital Management. It has racked up other notable investments including ones in NorthRock Partners, Stratos Wealth Holdings, as well as a stake in San Francisco-based Parallel Advisors.