New York, NY, March 14, 2021 – Park Sutton Advisors, LLC (“Park Sutton Advisors”) is pleased to have represented Atlantic Trust, LLC (“Atlantic Trust”) on its acquisition by Clearstead Advisors LLC (“Clearstead”), a leading registered investment adviser (“RIA”) with approximately $25 billion in assets under management and advisement and headquartered in Cleveland, Ohio. Based in Portland, Maine, Atlantic Trust is one of several non-depository independent trust companies located in the state of Maine. Terms of the transaction were not disclosed.
Dan Erichson, CFA, a Park Sutton Advisors Director, who co-led the transaction said, “There is an increasing desire from clients for a one-stop shop for holistic wealth management services, and this includes trust capabilities. In addition, direct real estate and private equity investing expertise is very much of interest to wealthy clients, and the increasingly lost art of individual stock selection still has a place in high-net-worth client portfolios. Each of these were competences that Atlantic Trust brought to the table.” Steven Levitt, Founder of Park Sutton Advisors added, “I have known Atlantic Trust’s founder, John Higgins, since 2014 and am so pleased to have worked with him to find a great strategic partner. We wish him and his team the best of luck in their next stage of evolution.”