Coldstream Continues Pacific NW Expansion With Arnerich Massena

The Deal Raises Coldstream’s AUM To $10 Billion And Follows Three Mergers Since 2021 Without External Private Capital Support

Coldstream Capital Management said Tuesday it merged with Arnerich Massena, a Portland, Oregon-based investment advisory firm that manages about $2 billion in client assets.

Financial terms of the deal and the expected closing date weren’t disclosed.

The latest deal follows three larger mergers and several smaller transactions by Coldstream since 2021, all without the assistance of external private capital. The firm announced the merger with Kirkland, Washington-based Seidman Capital Group in October 2023. That deal included Seidman-affiliated Hersman Serles Almond, which provided accounting and consulting services.

In 2022, Coldstream announced a merger with Kenai, Alaska-based LWM Wealth Management, which had approximately $170 million in AUM at the time of the deal. In 2021, Coldstream announced a merger with Portland, Oregon-based Rosenbaum Financial, which had about $463 million in AUM.

Arnerich Massena was founded more than 30 years ago, and is led by Co-CEOs Reegan Rae and Bryan Shipley. Like Coldstream, the firm is independently operated and employee-owned.

At the close of this merger, Coldstream will have more than $10 billion in AUM, it said.

Like Coldstream, Arnerich Massena is independently operated and employee-owned.

Kevin Fitzwilson, Coldstream Managing Shareholder, said: “Joining forces with [Arnerich Massena] is consistent with our longtime mergers and acquisitions strategy, which is laser-focused on aligning ourselves with partners who not only share our values and approach to service but are committed to remaining independent and employee-owned. I’m looking forward to what we can accomplish together.”

Arnerich Massena has seven advisors and employs a staff of 19. It will be known as “Team Rae” as it joins Coldstream. It works with high net worth families, individuals, endowments and foundations, providing portfolio management and investment advisory services. It also provides a full range of family office-related services, including legacy planning, business exit planning, family governance and generational wealth planning.

“Arnerich Massena has a proud history and a unique set of values, so the decision to combine with another firm didn’t come lightly, nor was it something that happened overnight,” according to Rae, who is also a Managing Principal and Senior Investment Advisor with the firm.

“Yet, after getting to know Kevin and the other members of Coldstream’s leadership team, it became clear that our two firms share a common operating structure, business vision and, importantly, a focus on culture rooted in service, intellectual curiosity, and integrity,” she said.

Coldstream last month expanded its strategic client service offerings with the launch of Coldstream Risk Management, formerly known as FIT Insurance, a subsidiary of the firm.

“Merging with Coldstream is a continuation of our core philosophy of only doing that which benefits our clients,” according to Shipley, who also serves as Chief Investment Officer, Managing Principal and Senior Investment Advisor with Arnerich Massena.

Arnerich Massena was represented by consulting firm DeVoe & Co.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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