Two US-based multifamily offices have signed a letter of intent aimed at creating a single, independent and family-owned wealth services firm for families.
Threshold Group, a wealth management and family services firm headquartered in Washington state, and Ashbridge Investment Management, a Philadelphia-based family wealth management office, were independently founded and owned by the Russell and Grace families respectively.
A preliminary agreement signed by the directors states as its goal the creation of a single, family-owned firm under the banner of Threshold Group. The combined entity will look after assets totalling $2.25 billion.
"Our clients, founding families and our associates will benefit from added depth, common values, continued intimacy of service, enhanced service teams, and in some cases, reduced distance between client households and our relationship managers," said Tim Cavanaugh, vice-chairman of Threshold Group.
According to a statement released by the group, the combined multi-client family office would continue to focus on comprehensive investment advisory services and an integrated range of family office services, including financial and tax planning, estate planning, budget and cash flow management, wealth education and family governance.
Charlie B Grace Jr, chairman of Ashbridge, said both firms "have first-hand understanding of families, and both have been vocal advocates of purely advisory, open architecture services."
More specific details of the combined organisation will be provided at the conclusion of the ongoing due diligence process.
Threshold originated as a single family office in 1999 and began working with additional families in 2004. Ashbridge has served as the family office to five generations of the Grace family of Philadelphia.
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