Bay Area-based Robertson Stephens Wealth Management has acquired Milwaukee-based Alpha Investment Consulting Group, an institutional consulting business, bringing Robertson Stephens’ assets to over $10 billion. Alpha Investment Consulting Group had $714 million in assets under management, according to a Form ADV.
Robertson Stephens has an existing practice in Santa Rosa, Calif., that provides retirement plan consulting and fiduciary training. This deal deepens the firm’s institutional consulting capabilities. For instance, it brings an OCIO business for endowments and nonprofits. The firm works with foundations, endowments, religious organizations, nonprofit institutions, corporations and other complex stakeholders.
Alpha Investment Consulting Group is led by veteran Bob Bukowski, who founded the firm in 1989. He’ll establish Robertson Stephens’ newest Milwaukee office. He’s joined by Patrick Pierce, Tony Jones, Dan Strasser, Julia Ramer and Bailey Jordan.
Robertson Stephens CEO Raj Bhattacharyya said he sees significant synergies between the wealth business and institutional consulting. Many of the firm’s clients serve on foundation boards or hold senior positions at endowments.
“We think that having the capabilities to cover those nonprofits, foundations, endowments and others can be a nice cross-sell opportunity across our various client bases,” Bhattacharyya said.
While many in the financial advice business have long focused on retail clients, some firms have recently found that institutional clients, such as pensions and foundations, can drive significant revenue.
Robertson Stephens has grown significantly over the last several years through acquisitions and recruiting, with 28 advisory teams across 26 offices. The firm operates as a partnership, with all its advisor principals and senior executives owning equity in the company. The firm is also currently backed by private equity firm Long Arc Capital.
Robertson Stephens has gone through several iterations. Once one of the most reputable technology-focused investment banks, it was acquired by Bank of America in 1997. Twelve months later, Bank of America sold it to BankBoston Corp. In 2013, “Robbie Stephens” was rebuilt by the original management team headed by Joseph Piazza.
This follows news this week that Vikram Chugh, who has worked as chief operating officer at Robertson Stephens for the last 8 1/2 years, has stepped down to serve as CEO of CircleBlack, which is also backed by Long Arc.