Pavilion Financial will acquire investment consulting firm Jeffrey Slocum & Associates, said Daniel Friedman, Pavilion president and CEO.
Terms of the deal, which is expected to close in October, are not being disclosed.
Slocum’s senior management team, consultants and researchers will become shareholders in Pavilion and maintain leadership positions at the combined firm.
Nearly all Slocum employees are expected to join Pavilion Advisory Group and will continue to work out of Slocum’s Minneapolis office, with the exception of Jeffrey Slocum, president and founder, who is expected to retire from institutional consulting shortly after the deal closes, Mr. Friedman said in a telephone interview. (Mr. Slocum also is a managing member at private wealth management firm Northside Capital Management and will retain that role.)
The combined group will be led by Keith Mote, president and managing director at Pavilion Advisory Group.
Slocum has $125 billion in assets under advisement from roughly 140 institutional clients in the U.S. and Canada. Pavilion Advisory Group Inc. and its Canadian counterpart, Pavilion Advisory Group Ltd., have $525 billion in assets under advisement from roughly 200 institutional clients combined. Once the deal closes, Pavilion Advisory Group will have about 170 employees in the U.S. and Canada. While Slocum and Pavilion’s client types are similar in many areas, Slocum brings a specialized insurance practice and Pavilion brings a specialized defined contribution practice, said Pavilion spokeswoman Deanna Allen in an e-mail.
The resources and expertise of the combined team will allow for expanded and enhanced services to health-care, insurance, retirement, endowment and foundation and other clients, Mr. Friedman said.
Pavilion Financial Corp. provides investment consulting, implemented consulting, transition management, securities trading, research and wealth management. Pavilion provides alternatives investment consulting through Pavilion Alternatives Group, which has $60 billion in assets under advisement and was formed this summer from the combination of Altius Associates and Pavilion’s own private equity consulting division, LP Capital Advisors.