Pathstone, a registered investment advisory firm catering to wealthy clients, is looking to hire 50 employees and make acquisitions as it scales up its business.
The Englewood, New Jersey-based firm, which has about 350 employees, plans to add advisors and operational staff at locations around the country, CEO Matthew Fleissig said in an interview.
Pathstone, which calls itself a "modern" family office, has seen assets under advisement and administration surge to $80 billion from $16 billion in 2019, he said. Clients need to invest a minimum of $10 million with the firm, and some have net worths of as much as $1 billion, Fleissig said.
The firm, which has offices in about a dozen states,
The influx allows Pathstone to increase its offerings and make further acquisitions, Fleissig said. In December, the firm
The competition to manage the money of high net worth clients has soared in recent years, with a surge in asset prices encouraging companies ranging from small advisory firms to Wall Street banks to gain a share. Citigroup said last month it planned to hire more investment counselors to broaden its business with multimillionaires globally to boost returns.
Fleissig said that private equity firms see the opportunity that firms like his have to gain market share. Pathstone's revenue grew an average of 50% per year from 2019 through 2022, the company said.
A 2022 report by Credit Suisse Group predicted that the number of millionaires globally would increase by 40% over the next five years to 87 million.
