Pathstone, an advisory firm, has agreed to acquire assets of Eaton Vance WaterOak Advisors. WaterOak provides investment advice for institutional and private wealth clients. Florida-based WaterOak will help Pathstone expand its geographic footprint.
WaterOak advises on approximately $3 billion in assets, making Pathstone’s total assets under advisement over $35 billion. The acquisition will expand Pathstone’s footprint in Florida, with the firm being in 14 locations in the U.S. after the transaction. The addition of WaterOak will also upscale Pathstone’s technology systems and professional services. The combined firms will offer clients cost efficiencies over time.
President of Pathstone Matthew Fleissig said, “We are very excited to welcome WaterOak to our family. They, like Pathstone, are driven by innovation and believe that unique technology and process will keep us a generation ahead of the industry.”
Willkie Farr & Gallagher LLP provided legal counsel for Eaton Vance WaterOak Advisors. Schulte Roth & Zabel LLP served as legal counsel to Pathstone.