The business will more than double Sequoia's assets under management in its family wealth practice.
Ohio-based Sequoia Financial Group has agreed to buy Zeke Capital Advisors, a multi-family office with more than $5 billion in client assets. The deal will double Sequoia’s total family wealth practice AuM.
The transaction, the financial terms of which were not disclosed, is expected to close on February 28, will create a firm with more than $15 billion in client assets.
Akron-based Sequoia provides asset management and financial planning services across the wealth spectrum – from individuals to family offices – with locations through central and southeastern US. The firm, founded by Tom Haught in 1991, manages more than $10 billion in assets and employs more than 180 people.
The move is an example of the kind of brisk M&A activity that has been a feature of North American wealth management in recent years.
Zeke, founded in 2008 in Berwyn, Pennsylvania, by Edward Antoian, is a multi-family office that provides generational family wealth management to individuals, families, and foundations. Led by Antoian and Gee Smith, partner and president, Zeke has more than $5 billion in assets under management and advisement and 28 employees.
From March 1, Zeke will begin operating under the Sequoia Financial Group brand. Antoian and Smith will remain actively involved with the firm, according to a press release from the organizations.
Benesch, Friedlander, Coplan & Aronoff LLP were Sequoia’s legal advisors. Cambridge International Partners was financial advisor and Troutman Pepper Hamilton Sanders LLP served as legal advisor to Zeke.