Kudu Investment Management is acquiring a minority stake in investment manager Douglass Winthrop Advisors.
Terms of the deal were not disclosed. DWA is primarily a high-net-worth manager with $4.8 billion in assets under management, which includes $336 million from foundation and endowment clients, a spokeswoman said in an email. DWA will retain independent control of the firm.
"Partnering with Kudu ensures DWA can remain independent, with access to growth capital and a strategy for long-term continuity in leadership," said Jay Winthrop, co-founder and managing principal with Douglass Winthrop Advisors, in a news release. "Kudu and DWA have a shared belief that independent, trusted financial advice is increasingly in demand by sophisticated investors and their families."
Kudu Investment Management provides capital to money managers and wealth managers, and this latest deal brings the firm's total to 17 partners that have collective assets under management of $96 billion.