Covenant Multifamily Offices, a new wealth management firm targeting $1 billion in managed assets, has opened its headquarters in San Antonio, Texas.

Headed by managing partners John Eadie and Kevin Harris, the entire founding team spent six years at the helm of San Antonio-headquartered Frost Bank’s wealth management services group.

Mr Eadie spent over 20 years at Ernst & Young advising high net worth executives at Fortune 500 companies. Mr Harris worked at Morgan Stanley and AIM.

Covenant's services include financial planning, investment management, tax planning, risk management, insurance, estate planning and trust administration for wealthy families.

With over 120 client families coming on board, Covenant has set a goal of increasing its asset base by 25 per cent, which the team expects to accomplish in the next 18 months, resulting in upwards of $1 billion in assets under management.