Wealth manager Private Ocean acquires SF firm
San Rafael-based wealth management firm Private Ocean announced Tuesday that it has acquired Mosaic Financial Partners, Inc., a San Francisco-based registered investment advisory firm. Private Ocean's announcement stated Mosaic has $620 million in assets under management as of the end of August.
Plan calls for Mosaic to begin operating as Private Ocean and keep its San Francisco and Walnut Creek locations.
'Having started in this industry more than thirty years ago with one of Private Ocean's founding firms, I am confident in the consistency of our values and commitment to clients,' Norm Boone, founder of Mosaic Financial Partners, stated in the announcement.
Boone added he will focus 'less on day-to-day management and more on our strategy to enhance the services we provide.'
Formed in 2009, Private Ocean combined two of the oldest privately-held wealth management firms in the San Francisco Bay Area – Salient Wealth Management and Friedman & Associates. Founded by Richard Stone and Greg Friedman, the firm has over $1.5 billion in assets under management as of Aug. 31, 2018, and has locations in San Rafael and Seattle.
Private Ocean announced in January that it had acquired Lakeview Financial Group, a Seattle-based registered investment advisory firm with $380M in assets under management.
In the its latest buy, Mosaic was represented by DeVoe & Company in this transaction. Price was not disclosed.