Toronto-based Pine Street Asset Management has acquired A.R. Schmeidler & Co., Inc. (ARS), a New York based registered investment advisor from Hudson Valley Bank, the companies announced Wednesday.
Founded in 1971, ARS is a boutique firm employing a number of long-only investment strategies to provide investment and portfolio management services to high net worth individuals and institutional clients.
As part of the transaction, senior management of ARS have also become equity holders of the firm, and they will continue to run the operations, including all aspects of the investment process, and client services of the firm, Pine Street says.
“Pine Street is very excited to partner with ARS as its thought leadership and expertise are highly complementary to our existing offerings. With this transaction, we solidify our current presence in the U.S. as well as provide additional investment options to our growing client base,” said Trevor Maunder, COO of Pine Street, in a news release. “We have developed a very strong relationship with the ARS management team, and we look forward to growing our business together.”
With offices in Toronto and New York, the registered Canadian and U.S. affiliates of Pine Street collectively manage approximately $2 billion in assets, providing high net worth individuals and families with a wide range of customized wealth management services. Pine Street Asset Management is a trademark of Artemis Investment Management Corp., which does business as Pine Street.