Portland-based wealth management firm may be acquired by Ohio company
Atlantic Trust LLC, a four-decade-old wealth management firm in Portland, may soon be acquired by an Ohio investment advisory company.
Clearstead Advisors LLC, based in Cleveland, would purchase Atlantic Trust and combine it with a Maine-based arm, according to a regulatory filing on Friday. The pending deal requires state approval, but was confirmed Tuesday by the Maine subsidiary’s president and CEO, William Hall (no relation).
Hall did not disclose terms, but said that if approved, the transaction could be complete as soon as June. Clearstead would retain Atlantic’s current staff of six, and the Portland business would continue to use the Atlantic name.
Hall would continue as president and CEO, while Atlantic's chairman and CEO, John P.M. Higgins, would serve as chairman of the merged entity.
Clearstead currently has 75 employees and about $25 billion under management or advisement, according to the firm’s website.
Hall, a Cape Elizabeth resident, leads the firm’s three-person Portland business, formerly known as Plimsoll Mark Capital. Clearstead acquired it in 2014.
As Clearstead was considering strategies for growing that business, Atlantic approached it in late 2018 with the idea of joining forces, Hall said. Discussions continued but were slowed by the onset of the pandemic last year.
The goal for the acquisition is to scale up so that Atlantic gains additional technology and resources, while Clearstead expands its Maine presence.
"We're doing this because it's important to clients," Hall said. "The idea is to get big enough to have new resources, but to continue as a boutique player."
The combined business may make additional hires and pursue other acquisitions, he added.
Most Recent
Most Recent
0 Comments