Merchant Investment Management, a New York-based private partnership that provides growth capital and other support to independent financial services firms, among them RIAs, has made a minority, non-control investment in Newport Beach, Calif.-based wealth manager Corient Capital Partners.
Terms of the deal were not disclosed, but Corient, which broke away from Merrill Lynch in 2015, is led by CEO James Rooney and manages $3.1 billion in client assets.
“We want to build on our success [as an independent RIA] by ensuring Corient has the durability and longevity to build a firm that our clients can’t outgrow, and expand our platform and investment offerings,” Rooney said.
“This partnership [allows Corient to] align with the Merchant ecosystem of independent wealth firms and service providers that collectively offer full access to the most advanced industry tools and solutions,” said Marc Spilker, Merchant’s executive chairman.
Corient serves a host of clients, including wealthy families, business owners, C-suite executives at public companies, private foundations and professional athletes.