AMG Wealth Partners, LP, a subsidiary of Affiliated Managers Group, Inc., has entered into a definitive agreement to acquire a majority equity interest in myCIO Wealth Partners, LLC (“myCIO”). After the closing of the transaction, the management partners of myCIO will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.
Based in Philadelphia, myCIO is a Comprehensive, Independent and Objective (CIO) financial advisory firm founded in 2005, advising approximately $7 billion in client assets. Senior partners David Lees, James Biles and Paul Bracaglia lead a team of over 30 professionals providing comprehensive and integrated advice regarding financial, tax and estate planning, asset allocation and investment management to corporate executives, families, endowments, trusts and retirement plans. myCIO offers tailored portfolios and strategies designed to meet clients’ overall financial objectives while seeking to minimize taxes and market risk.
“myCIO is a leading wealth advisory boutique that complements our existing Affiliate group,” said John W. Copeland, President of AMG Wealth Partners. “As the demand for tailored, high-end wealth advisory services increases, myCIO’s unique focus on corporate executive financial and retirement planning, combined with customized investment advice, provides an outstanding platform for continued growth. David, Jim, Paul and their team have built an impressive business over the past decade. We look forward to helping expand their capabilities to a broader client base while setting the course for incremental future growth.”
“Our partnership with AMG Wealth Partners allows us to continue our focus on serving clients, while ensuring our long-term independence and autonomy,” said Mr. Lees. “Jim, Paul and I are excited by this opportunity to elevate our key next generation advisors to partners in the firm. We believe that AMG Wealth Partners will play an important role in supporting our growth and scale while further strengthening our ability to meet the current and future needs of our clients.”
As part of the transaction, myCIO’s senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.