The private equity firm Estancia Capital Partners, based in Scottsdale, AZ, has completed its “significant” capital investment in New York-headquartered Snowden Capital Advisors, the US wealth advisory firm.

The private equity firm Estancia Capital Partners, based in Scottsdale, AZ, has completed its “significant” capital investment in New York-headquartered Snowden Capital Advisors, the US wealth advisory firm. The deal was announced in November last year, as reported by this publication. (See here.)

Estancia is a private equity fund focused exclusively on the global asset management, wealth management and related business services industries. Terms of the transaction were not disclosed, according to a statement from the organizations.

Snowden is led by a team including Lyle LaMothe, chairman of the board of directors, Rob Mooney, managing partner and CEO, and Greg Franks, managing partner and president.

“As we approach $1 billion in client assets under management, we are gratified to start 2014 with our funding in place.  We anticipate more high quality financial advisor partners joining our firm and we are encouraged by the increasing number of financial advisors who appreciate both the ownership opportunity and the client service benefits of our boutique environment,” Mooney said in a statement.

Snowden will use the proceeds of the investment to expand its business by recruiting additional financial advisor partners in existing markets (California, Connecticut and New York) and opportunistically in the company's other target markets.

Snowden executives, employees and, importantly, financial advisor partners will continue to own a significant stake in the business, the statement added.