Ares Management has invested $475 million in Connecticut-based wealth management firm, Steward Partners. The employee-owned firm holds nearly $50 billion in client assets.
Since its launch in 2013, Steward Partners has offered wealth management solutions to businesses and families. Existing backers of the firm include Cynosure Group and The Pritzker Organization. According to Wealth Management, Ares will expand the equity stake for Steward employees to above 50 percent.
Piper Sandler & Co. served as the exclusive financial adviser to Steward Partners. Ropes & Gray and Latham & Watkins served as legal counsel to Steward Partners. Cahill Gordon & Reindel served as legal counsel to Ares.
