Miami-based Corient has struck one other deal, asserting on Wednesday that it’s buying New York Metropolis-based Summit Path Advisors, a dually registered RIA managing greater than $21 billion in consumer belongings.
Summit Path was based in 2015 by former Barclays Wealth executives Jack Petersen, Dave Romhilt, Tom Palecek, John Scarborough and Peter Lee, based on an announcement on Wednesday. The observe was initially launched with Dynasty Monetary Companions, which offered the agency with a line of credit score with out taking a stake in it.
The transaction with Corient is predicted to shut within the third quarter, after which Summit Path’s fairness principals will develop into companions at Corient. Extra phrases of the deal weren’t disclosed.
Dynasty seems ahead to “supporting [Summit Trail] within the subsequent chapter as they develop into a part of Corient’s rising platform,” based on a spokesperson.
A Corient spokesperson didn’t instantly return a request for touch upon whether or not Summit Path will proceed to make use of Dynasty after the deal closes.
Summit Path has practically 100 staff and greater than 30 advisors in places of work throughout the nation, together with Boston, Chicago, Dallas and San Francisco. The RIA has grown partially by means of the recruitment of advisors, and in June 2024 it onboarded a group from BNP Paribas managing $three billion, based on an announcement on the time.
In Might 2025, the RIA reeled in a veteran asset administration government as its chief working officer and president.
Summit Path, nonetheless, final 12 months misplaced a three-advisor group managing $6 billion to NewEdge Wealth.
Corient’s acquisition of Summit Path is its newest step in its aggressive shopping for spree. It has been among the many trade’s most energetic acquirers this 12 months and lately agreed to buy Seven Bridges Advisors, Capital Advisors and Palo Alto Wealth Advisors.
Corient operates because the wealth administration subsidiary of Canadian monetary companies agency CI Monetary. CI Monetary rebranded its U.S. wealth enterprise as Corient in 2023 earlier than being taken non-public in a $4.7 billion buyout led by Mubadala Capital, the asset administration arm of Abu Dhabi’s sovereign wealth fund.