The expanding wealth management firm, which operates across the US, recently inked an acquisition - seeing M&A as part of its growth strategy. One of its figures is keen on family offices as a source of clients and investment.

The growth of the family offices sector and the need for these institutions to have high-class investment advice is an important focus for expansion-minded Robertson Stephens Wealth Management, which announced last week that it had bought Californian firm Vine Street Wealth Management.

Vine Street, an RIA formed in 2014, has about $150 million in client money. Under that deal, Vine Street co-founders John Bernabei and Zack Perry will join as managing directors.

There are a number of market segments that provide important sources of work, and family offices are certainly one of them, Vikram Chugh, chief operating officer and principal at Robertson Stephens, told Family Wealth Report. The firm is building out capabilities to service this area, he said. 

“It is going to be a critical element in our growth and it is a market we think is underserved,” he said. 

He agreed with a recent comment (reported here) that traditionally discreet single family offices are becoming more open about their activities so that they can get a better shot at the hottest investment deals. In turn, this has made SFOs easier to connect with and approach for investment opportunities. 

“The openness has been trending,” Chugh said. 

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Chugh said that his firm intends to continue growing organically and, where suitable opportunities arise, by M&A. 

In its acquisition announcement, Robertson Stephens said that adding the Vine Street deal took its total assets under management to more than $1.3 billion. The firm now has 31 employees across four office locations in San Francisco, New York, Sun Valley, and Holmdel, New Jersey. (Schwab Advisory Services will continue to act as the primary custodian for the Vine Street team’s client investment assets.)

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