Emigrant takes stake in
$1.7bn Ulrich Investment

The minority transaction is Emigrant’s fifth since April.

Serial RIA investor Emigrant Partners has taken a minority stake in Ulrich Investment Consultants, a $1.7bn RIA with offices in three states.

Specific financial terms of the transaction, which closed in December of 2020, were not disclosed.

Ulrich Investment Consultants, which employs three lead advisors and eight additional staffers, plans to use the capital to make its own M&A push. The firm’s president and chief executive, John Ulrich (pictured, left), told Citywire that the firm is eyeing future transactions in New Mexico, Texas andvWashington.

‘We have capacity in our existing offices,’ Ulrich said. ‘Our primary focus is to try and build on the capacity we have and that’s a big focus we’re looking at Emigrant to help us with.’

Ulrich Investment Consultants has offices in Albuquerque, N.M., San Antonio, Texas and Spokane, Wash. Bolstered by a specialty practice which focuses on managing the financial affairs of Native American tribes, the firm was recently identified by Citywire as one of the three fastest-growing RIAs in the state of New Mexico.

‘It wasn’t too hard to figure out that Emigrant was the best fit for us,’ Ulrich said. ‘One, we really appreciate what they’re trying to do in their approach. We wanted to retain control, but we needed a capital partner to be able to help us grow and do that correctly. Their experience of having done that with 16 other firms provided us with a lot of comfort, as well.’

Ulrich added that the transaction will also provide Ulrich Investment Consultants with succession planning assistance: he plans to launch an employee stock ownership program.

Emigrant Partners, a subsidiary of New York Private Bank & Trust, has now invested in five RIAs since April of 2020. Before completing its deal with Ulrich Investment Consultants, the firm most recently took a minority stake in $1.7bn Newport Beach, Calif.-based Hollencrest Capital Management back in August of 2020.

Karl Heckenberg, chief executive of Emigrant Partners, said that Ulrich Investment Consultants fit into his firm’s target investment market of RIAs which grow their revenue by an average of 20% annually. The 19 RIAs backed by Emigrant Partners and sister company Fiduciary Network oversee roughly $65bn in assets.

‘The firm has an incredible bench of young talent in an incredibly attractive market,’ said Heckenberg, who also helms Fiduciary Network. ‘We are always hyper-focused on making sure the next generation of leaders are as excited about working with Emigrant as we are with them to help scale and grow the firm for the next decade and beyond.’

Republic Capital Group served as Ulrich Investment Consultants’ investment banker.