Real estate investment company Fisher Brothers is taking a 15.5 per cent stake in Modern Bank, a private client bank offering banking and asset management products to high net worth clients. The investment will also give Modern Bank access to Fisher's real estate expertise, broadening Modern Bank's ability to make and manage targeted investments in the US real estate sector.

"This is a further deliberate step in the measured growth and expansion of Modern Bank. We seek to provide high long-term returns for our investors while identifying innovative and cutting edge business opportunities that enhance these returns. This transaction is an excellent example of this philosophy put into practice," said Jeffrey Lane, chief executive of Modern Bank.

Since inception in 2006, the Modern wealth management business has accumulated in excess of $1 billion in assets through its banking, asset management, and custody operations. Modern Bank is headquartered in New York City with a representative office in Miami.

Fisher Brothers, founded in 1915, has a core portfolio of office buildings in New York City and Washington, DC; it has diversified its activities and assets over the decades, and is today a broad-based investment company.