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Pathstone Adds Another Wealth Firm

Tom Burroughes

16 February 2024

The M&A carousel continues to spin at , with the US wealth management house announcing yesterday that it has agreed to buy Colorado-based Crestone Capital. The financial terms of the transaction were not disclosed.

Founded in 1991 by Eric Kramer, Crestone advises about 150 families representing more than $3 billion in client assets. The firm is completely owned by its roster of more than 50 employees. It has offices in Boulder (pictured) Colorado, Texas, and California.

Upon completion, the Crestone acquisition will bring Pathstone’s total assets under advisement and administration to over $100 billion. Pathstone will have 20 offices nationwide with more than 550 team members, more than 225 of whom are shareholders of the firm. 

Kramer will join Pathstone’s CEO council and chief investment office; Crestone’s president Matt Wiles will join the regional leadership team.

“The Rocky Mountain region is one of the most entrepreneurial regions in the country. Its ethos of rugged individualism combined with independent thinking has served as a catalyst for a new generation of business creators and leaders,” Wiles said. 

Pathstone has inked several acquisitions in recent years. Rex Capital Advisors, a firm that is based in Providence, Rhode Island, was acquired in February last year. In December 2022, it combined with Willow Street, a Wyoming-based trust and fiduciary services firm, founded in 2005. In March 2021, for example, it joined up with RIA firm Cornerstone Capital Group. Cornerstone has expertise in sustainable and impact investing, adding to Pathstone’s work in this area.

On the Crestone deal, Republic Capital Group served as the financial advisor and Brownstein Hyatt Farber Schreck served as legal counsel. Alston & Bird served as legal counsel to Pathstone.