Pathstone, an independently operated, partner-owned advisory firm offering comprehensive, customized wealth management advice and family office services for families, family offices, foundations and endowments, today announced it has entered into an agreement to acquire Rex Capital Advisors. Based in Providence, Rhode Island, Rex provides investment advisory and customized family office services to a select group of ultra-high net worth families and their related entities.
Founded in 2002 by Arthur Duffy, Rex Capital originally served as a single-family office. Working with Michael Chase, Matthew Thibault and Timothy Devlin, Rex has grown and evolved to advise twelve client families, located across the United States, representing approximately $1.5 billion in assets. In addition to their customized family office solutions, the Rex team brings deep expertise in private equity, and venture capital. Like Pathstone, the Rex team embraces the complexity of their clients’ lives and strives to provide unparalleled client service. In coming together with Pathstone, the Rex team will immediately access Pathstone’s infrastructure, expanded services, and deep bench of talent to promote continuity and accelerate the growth of the firm.
“From the first conversation with Arthur and his team, we saw alignment in the way we approach client service, embrace innovation, and view the future of the family office business model,” said Matt Fleissig, CEO of Pathstone. “We’re thrilled to partner with such a culturally aligned group and to continue strengthening our presence in New England, in line with our goal of growing within our existing regional offices.”
“We believe that by continuing to bring together talented individuals and teams, we can enhance our collective clients’ experience and further solidify Pathstone as an industry-leader who continues to innovate and evolve to the benefit of our clients,” added Kelly Maregni, President of Pathstone. “Like each of Pathstone’s business combinations, it is about getting better, not just bigger, and we look forward to collaborating with and learning from the Rex team.”
“We are excited to join Pathstone and ensure we deliver on the generational commitment we’ve made to our clients,” said Arthur Duffy. “As a trusted advisor to our clients, we believe we will be able to leverage the combined firm’s scale and resources to provide better access and greater value to our relationships.”
The combination will bring Pathstone’s total assets under advisement and administration to nearly $80 billion. Pathstone will now be in 17 office locations with nearly 350 team members, more than 175 of whom are shareholders of the firm.
Morgan, Lewis & Bockius served as legal counsel for Rex Capital Advisors and Alston and Bird for Pathstone.