Emigrant invests in Pure Financial

Emigrant Partners has made a minority investment in Pure Financial Advisors Inc, a financial planning and investment advisory firm. No financial terms were disclosed. Emigrant Partners is a subsidiary of New York Private Bank & Trust.

PRESS RELEASE

NEW YORK, NY – May 27, 2020 – New York Private Bank & Trust, through its subsidiary Emigrant Partners (“Emigrant”), is pleased to announce that it has made a minority investment in Pure Financial Advisors, Inc. (“Pure”), a fast-growing financial planning and investment advisory firm that manages over $2.4 billion in client assets, for an undisclosed amount.

The transaction will provide Pure with access to capital for organic growth initiatives and reinvestment in the company, M&A support for future tuck-in acquisitions and the resources of the largest privately held, family owned and operated bank in the country.

“We are very excited to welcome Pure to Emigrant Partners. Pure’s executive team has built an impressive organization that benefits from a scalable business model with highly personalized client service,” said Karl Heckenberg, President and CEO of Emigrant. “The company’s tech-enabled infrastructure – coupled with its successful business development process – has remained incredibly resilient through the current pandemic. We look forward to supporting Pure’s vision and objectives for the company’s next wave of growth.”

Michael Fenison, Founder and Chairman of Pure, said, “It is an honor to be affiliated with Emigrant Partners as we will greatly benefit from their industry knowledge, capital support and expansive resources. This strategic alliance will accelerate our growth, while allowing us to continue providing superior client service.”

Pure was represented by Liz Nesvold and Ralph Puthota, investment bankers with the Asset & Wealth Management group of Raymond James Investment Banking. Nathan Moore, Chalyse Robinson, Bill Caporizzo, J.C. Minko and Stephanie Evans from WilmerHale served as Pure’s legal counsel. Rob Wood and Jim Abbott from Seward & Kissel served as Emigrant’s legal counsel.

Pure Financial Advisors, Inc.
Pure is a fee-only registered investment advisor providing comprehensive retirement planning services and tax-optimized investment management. Pure opened doors for business in 2007 with a mission to provide financial planning services using salaried planners to minimize the conflict of interest between the advisor and client. Pure Financial adheres to the fiduciary standard of care in which they are required by law to act in the best interest of their clients at all times. Using a holistic planning approach, Pure Financial currently manages over $2.4 billion in assets and services clients across the nation with offices in San Diego, Orange County, and Los Angeles.
Emigrant Partners, LLC

Emigrant makes non-voting minority investments into wealth, asset and alternative asset management firms to help them achieve their goals. Emigrant and its affiliate Fiduciary Network are currently partnered with 17 firms overseeing approximately $55B in aggregate AUM and AUA. Emigrant is wholly owned by New York Private Bank & Trust and is headquartered in New York City. www.emigrantpartners.com