M and A

NYPB&T Takes Another Wealth Stake, Continues M&A Trend

Tom Burroughes, Group Editor, July 23, 2021


The deal is the second such transaction that New York Private Bank & Trust has announced in a matter of days.

New York Private Bank & Trust has bought a minority stake in Gerber|Taylor Capital Advisors, a firm with about $6.3 billion in assets. It comes days after it completed an acquisition in another wealth firm. 

The transaction was made via NYPB&T’s subsidiary, Emigrant Partners. The terms of the disclosure were not disclosed.  

Gerber|Taylor is a Memphis-based investment management firm, with offices in Charlottesville and Dallas.

“The partnership with Emigrant checks a lot of our boxes, none more important than our goal to remain independent and to continue as a sustainable, multi-generational firm,” Gerber Taylor’s president, Michael Douglass, said. 

Gerber Taylor, founded in 1990, was represented by the Asset & Wealth Management Investment Banking group of Raymond James. WilmerHale served as Gerber Taylor’s legal counsel. Seward & Kissel served as Emigrant Partners’ legal counsel.

As previously reported, New York Private Bank & Trust this week completed its minority investment in Verdence Capital Advisors, a wealth management firm overseeing about $3 billion of assets, based near Baltimore. 

The transaction is an example of a wider and busy mergers and acquisition trend in North American wealth management. DeVoe & Company, which tracks M&A deals in the RIA space, said earlier in July that there were 43 deals in the second quarter of this year, the fourth-largest deal-flow figure on record, following 58 transactions in Q1 and 48 in the final three months of 2020.

In recent months Canada’s CI Financial, US-based Mercer Advisors and CAPTRUST, among others, have been snapping up RIA businesses. A desire for scale comes with increased client and tech spending demands, coupled with some RIA owners’ wish to retire and seek exits. FWR has noted, meanwhile, that the mass of M&A activity seen among RIAs hasn’t yet been mirrored by comparable levels of transactions among multi-family offices. (See an interview here with wealth sector consultant Jamie McLaughlin, who went into detail as to why this is the case.)

Register for FamilyWealthReport today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes