Charlesbank takes stake in $9 billion RIA

Charlesbank Capital Partners, a private equity firm based in New York and Boston, has taken a “significant” stake in Lido Advisors, a Los Angeles-based registered investment adviser managing more than $9 billion.

Founded in 1999, Lido currently has offices in 12 metropolitan areas and plans to expand across the country organically and through acquisitions, the firm said in a release. Its executive team will remain.

The transaction, the terms of which were not disclosed, is expected to close in June.

[More: Biden tax talk seen driving RIA M&A activity]

The post Charlesbank takes stake in $9 billion RIA appeared first on InvestmentNews.

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