Freestone Capital Management, a Seattle-based wealth and asset manager, has sold a $40 million stake to Sienna Group, a Seattle-based private investment firm. Freestone has approximately $2 billion in assets under management. Specific financial terms of the investment, which is expected to be completed during the first quarter of 2008, were not disclosed. Freestone's management team and employees will remain with the company following the transaction and it is expected that there will be additions to the team as the company prepares to further expand its business. Freestone founder Gary Furukawa will continue to own a significant stake in the firm and serve full-time as chairman and chief investment officer. Erik Morgan, president of Freestone, said: “We believe our clients and employees will benefit from this partnership through the expansion of our wealth management platform to include new products and services, such as private equity and real estate.” With the investment from Sienna, Freestone expects to open a second West Coast office during 2008 and will also be reviewing other options to expand including the addition of experienced wealth management professionals, as well as local and regional acquisitions. Scott Svenson, founder and managing partner of Sienna, said: “We expect Freestone to continue to provide wealth and investment management services to its existing clients while we help the team prepare to grow the business both organically and via selective acquisition. Ultimately, we hope to build one of the most successful wealth management firms on the West Coast.”