Perigon Wealth Management, a firm with over $65 billion in client assets, said it has received a new minority investment from Constellation Wealth Capital. In addition, partner Merchant Investment Management, which joined with Perigon in 2019, will exit the relationship. The terms of the deal were not disclosed.
It has been a time of growth for Perigon, which says it saw a tenfold increase in total client assets in the past five years. Chicago-based Constellation Wealth Capital, founded by Karl Heckenberg, is an alternative asset management platform that makes tailored investments in wealth management firms.
"Constellation has quickly established a reputation for working collaboratively with operational leadership that aims to foster a relationship that delivers meaningful growth, and we look forward to working with their team," said Perigon CEO Arthur Ambarik. "This investment positions our firm and clients for continued success as a sustainable, majority-adviser-owned, client- and adviser-centric firm. Merchant has been a great partner, and their strategic and financial support helped our team increase our client assets by nearly tenfold and expanded our national footprint."
Perigon was named one of RIA Channel's 2022 Top 50 Wealth Managers by Growth in Assets and is included on the Forbes Top RIA list. The firm merged with PM Wealth Management in 2022 and formed a strategic alliance with the tax advisory firm Prager Metis.