Fresh off an international acquisition bringing in a combined $214 billion in client assets, mega-RIA Corient has announced the acquisition of Boston-based Breed’s Hill Capital, a multi-family office with about $3.5 billion in assets under management.
Breed’s Hill was founded in 2013 by John Edwards to work with ultra-high-net-worth families on investment management, estate, gift, tax planning and insurance. Edwards had previously been a relationship manager with fee-only advisory Lake Street Advisors, a Focus Financial Partners firm that this year joined SCS Financial, Focus Partners’ family office and OCIO.
News of another U.S. acquisition by Corient is not unexpected. Partner and CEO Kurt MacAlpine told Wealthmanagement.com this week that its owner, global asset manager Mubadala Capital, positioned it to continue its acquisition march without taking on the leverage of private equity funding. Mubadala took Corient’s parent firm, CI Financial, private earlier this year after it was listed on the Toronto Stock Exchange. Fee-only RIA Corient was formed in 2023 as the rebranded U.S. wealth management business of CI Financial.
Miami-based Corient operates through a private partnership with 260 advisor firms. MacAlpine points to this structure, along with the firm’s resources for advisors, as giving clients access to teams of advisors across states and countries rather than just working with one financial advisor.
“We own and operate our own trust company; we have our own tax practice; we have a full family office division to pay people’s bills; outsourced CFO customized reporting; family office consulting,” MacAlpine said after announcing the U.K. deals. “We even have an aviation business where we own aircraft on behalf of our clients, where they can aggregate and share the usage of it … the combination of the partnership structure and then the services has allowed us to really stand out and grow at a faster rate than our competitors.”
Once closed, the two deals announced this week will see the money manager working with clients in the U.S., Europe, the Middle East, and Africa and overseeing total client assets of $433.5 billion.
Corient is working to finish the deal for Stonehage Fleming, a multi-family office based in Jersey, U.K. and Stanhope Capital Group, a London-based wealth manager, by the fourth quarter of this year.
Cambridge International Partners advised Breed’s Hill Capital on the deal.
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