Salient Partners LP, a $16 billion Houston-based wealth manager, announced Thursday it has agreed to buy RDG Capital LLC, a Houston boutique wealth advisory firm.
RDG Capital manages approximately $1 billion, including a Master Limited Partnerships complex and a wealth management practice. The combined organization would manage just over $17 billion and have approximately 100 investment professionals and staff to serve both private and institutional clients.
RDG’s principals, Gregory A. Reid and J. Cole Dawson 3d, each have over 20 years of investment industry experience and would join the senior management team at Salient, when the acquisition is completed.
Reid would become president and CEO of Salient’s MLP business, which includes long/short MLP funds, long only MLP portfolios and MLP private equity investments. Dawson would become president and CEO of Salient’s wealth management business, where he would be responsible for managing Salient’s team of wealth management advisors.