Coldstream has announced a business combination with Cable Hill Partners, an investment advisory firm based in Portland, Oregon, managing client assets worth approximately $2bn.
This collaboration aims to expand Coldstream’s service capabilities and market reach.
David Christian and Brian Hefele, founders of Cable Hill, manage the firm which specialises in providing financial advice to high-net-worth individuals, trusts, estates, charitable entities, and businesses.
The firm also specialises in retirement plan support. In addition to his role as a founding partner, Christian serves as the chief growth officer.
Coldstream managing shareholder Kevin Fitzwilson said: “Cable Hill’s approach is completely complementary to our comprehensive offerings and bringing them aboard advances our strategy to deliver a full range of financial services for individuals and institutions as an independent and employee-owned firm.”
The partnership will see 29 Cable Hill employees, including 13 advisers and 16 support staff, become shareholders in Coldstream.
Christian said: “Over the past several years, we have carefully considered how to continue to serve our clients’ evolving needs and grow our business while staying true to our deeply held values.
“While there were several firms that wanted to help us reach the next phase of our business, Coldstream was the only partner we considered. I’ve worked with their leadership for years and their vision for this industry, independent ownership structure and approach to team building give us exactly what we need to better serve our individual and institutional clients.”
The combined entity will manage around $13bn in client assets. It will include 40 certified financial planner professionals, 15 chartered financial analysts, and 22 certified public accountants.
Additionally, the team boasts 19 individuals with MBAs and six with JD degrees. This merger is a continuation of Coldstream’s expansion strategy following its merger last year with Harrison Berkman Claypool & Guard and its $500m AUM RIA, HBC Financial Services.
That merger enhanced Coldstream’s tax service offerings, initially launched after merging with Seidman Capital Group and Hersman Serles Almond in October 2023.
Coldstream has rebranded its investment banking division as Coldstream Capital Partners to provide comprehensive financial services under the Coldstream brand for both individual and institutional clients. The inclusion of Cable Hill Partners is expected to bolster Coldstream’s retirement plan offerings for institutional clients.
The financial details of this transaction were not disclosed. DeVoe & Company represented Cable Hill Partners as its consulting firm and investment bank during this process.
