Last updated on September 3rd, 2019 at 02:04 pm
Terms of the transaction were not disclosed.
The deal creates a firm with more than $500 million in assets. It will be the largest Wisconsin-based advisor focused on responsible investing, according to a news release from Riverwater Partners.
Greg Wait, who founded Falcons Rock in 2003, will join Riverwater Partners as a partner.
“Riverwater shares my dedication to responsible investing and personalized client service,” Wait said it the news release. “I’m honored to join the Riverwater team and bring the combined firm’s resources to bear for both current and future clients.”
In addition to Wait, two Riverwater team members will also become partners of Riverwater Partners. Cindy Bohlen and Nathan Fredrick will join in ownership with Wait and Riverwater’s existing partners: Adam Peck, Laura Peck and Matt Drvaric. Wait and his team will move their offices to Riverwater’s downtown Milwaukee location.
Adam and Laura Peck co-founded Riverwater Partners in 2016 as the first firm in Wisconsin solely dedicated to responsible investing. Riverwater manages small- and mid-cap domestic equity portfolios for both institutional and individual investors. Riverwater applies environmental, social and governance criteria as it builds portfolios.
The acquisition of Falcons Rock adds expertise in serving institutions, nonprofits and high-net-worth clients, Riverwater said in its news release.
“Riverwater’s mission is to achieve superior returns through value(s) investing while also generating positive impacts on society,” Adam Peck said. “We are excited to join with Greg and his team to continue to build a firm dedicated to responsible investing. Together we can bring more depth and experience to serve institutions, nonprofits and individuals.”