Alternative asset management platform Constellation Wealth Capital (CWC) has purchased a minority stake in Connecticut-based RIA Procyon Partners.
This investment is expected to facilitate growth and operational scaling for Procyon Partners, allowing the firm to recruit professionals and extend its reach into new markets.
Procyon Partners currently manages over $8bn in client assets and has offices in Connecticut, New York City, Long Island, Tennessee, and Maryland.
The firm focuses on institutional retirement consulting and private wealth management, assisting clients in the design, management, and optimisation of their financial strategies.
Procyon Partners CEO and co-founder Phil Fiore said: “CWC shares our commitment to client-first values, innovation, and long-term partnership.
“With their support, we’re positioned to accelerate our growth while continuing to deliver the exceptional, independent advice our clients have come to trust.”
The resources and capital from CWC will enable Procyon Partners to widen its capabilities, improve advisor support, and establish new offices across major US markets.
Procyon Partners will continue to operate independently, maintaining its focus on fiduciary responsibilities and client relationships. The firm is supported by its back-office partner, Dynasty Financial Partners.
Constellation Wealth Capital president and managing partner Karl Heckenberg said: “heir team has built a compelling, advisor-driven business with a clear growth trajectory. We look forward to partnering with them as they continue to redefine excellence in independent wealth management.”
Houlihan Lokey was the investment banking advisor for Procyon Partners during this transaction, while Dynasty Investment Bank provided support to the management team throughout the process.
In January this year, Virginia-based RIA Bogart Wealth received a minority investment from Constellation to enhance client services, technology, hiring, and marketing efforts while maintaining its independence.
“Constellation invests in Connecticut RIA Procyon Partners” was originally created and published by Private Banker International, a GlobalData owned brand.
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