Aspen Standard Wealth, a company taking a long-term approach to buying registered investment advisers (RIAs), has acquired Summitry, based in the San Francisco Bay Area and with more than $2.8 billion in assets under management.
The newly launched Aspen Standard Wealth intends to never resell the RIAs it acquires, differing from other private equity firms and financial institutions that buy RIAs.
“Aspen offers what successful, leading RIAs like Summitry have long been looking for: a deeply knowledgeable, permanent partner who is there to support them indefinitely,” said Aspen CEO Aly Kassim-Lahka, a former investment banker at Goldman Sachs. “We are the sorely needed alternative to traditional investment firms, in that we enable our partners to thrive long term.”
Summitry was founded in 2003. The firm’s wealth management offerings include investment guidance, financial planning, retirement planning, equity compensation advice, and estate and trust services.