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AMG Wealth Partners makes Veritable investment

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AMG Wealth Partners is to acquire an equity interest in Veritable, LP. After the closing of the transaction and consistent with AMG’s investment approach, Veritable’s management and employees will hold a significant equity interest in the business and continue to direct its day-to-day operations.

Veritable, a wealth management firm, manages over USD10 billion across nearly 200 ultra-high-net-worth families. A pioneer in open-architecture wealth advisory services, Veritable provides comprehensive, objective and tax-sensitive investment consultation through an approach customised for each client’s specific needs. Founded in 1986 by Chief Executive Officer Michael Stolper, the firm is based in Newtown Square, Pa., and has 84 employees, including 36 investment advisory and 12 research professionals.

“We are very pleased to partner with Veritable, a fast-growing and widely recognised leader among independent wealth management firms,” says Sean M Healey, AMG’s Chairman and Chief Executive Officer. “Over the next decade, the wealth management industry will benefit from favorable demographic trends, which will result in a significant increase in the number of high-net-worth individuals and drive growing demand for institutional-quality wealth advisory firms. As one of the most highly regarded and successful firms in the industry, Veritable is well positioned to continue to capitalise on this opportunity. Veritable’s decision to join AMG Wealth Partners underscores the strength of our investment model and our reputation as the partner of choice for boutique firms.”

John W Copeland, President of AMG Wealth Partners, says: “Veritable is an outstanding firm with a 25-year track record of providing unbiased, comprehensive advice and industry-leading investment performance to wealthy families. We are impressed with Veritable’s entrepreneurial culture, the tremendous depth of talent across the organisation and the tailored approach to each individual client.”

“We are excited to join AMG Wealth Partners as we believe their unique approach serves the best interests of our clients, partners and employees,” says Stolper. “Veritable’s success is based on our firm’s culture, objectivity and commitment to client service, and our partnership with AMG ensures the preservation of these core principles — now and for future generations.”

Upon completion of the transaction, AMG Wealth Partners will own an equity interest in Veritable, and a broad group of Veritable’s senior professionals, who have made long-term commitments to the firm, will continue to hold a significant equity interest. The terms of the transaction were not disclosed.
 

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