Threshold Group has completed its purchase of assets from Philadelphia-based
Ashbridge Investment Management, the Gig Harbor, Washington firm has announced.

The deal, which increases Threshold’s assets under advisement from $1.6 billion to $2.3 billion, has been cited as a prime example of an anticipated consolidation trend among geographically disparate multifamily office firms.

Ed Lazar will retain his position as president of Threshold Group, while
Charles Grace, chief executive and chairman of Ashbridge, will be named to Threshold’s board of directors.

Bill Knott, senior client relationship officer at Ashbridge will take over the role of chief relationship officer of Threshold Group, responsible for the overall client experience of all the firm’s clients. 

Full-service offices and staff, which will increase from 34 to 44 people, will be maintained in both Philadelphia and Gig Harbor. Threshold Group’s office in New York City has been consolidated to Philadelphia while the firm’s office in Portland, Oregon will continue to operate as a client service site.

The Russell family will retain majority ownership of Threshold and the Grace family, owners of Ashbridge, will now have a minority stake.

According to a statement released by Threshold, “a select number of Ashbridge clients are being given the opportunity to become clients of Threshold Group, providing a near seamless transition for all clients of both companies. Client service teams will remain largely unchanged, unless requested by the client.”