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Sand Hill Closes Acquisition of Integral Financial Solutions

Sand Hill Closes Acquisition of Integral Financial Solutions

Repost of article originally published on October 18, 2019 by Ian Wenik on CitywireUSA.

$2.5bn Fiduciary Network-backed Sand Hill acquires first RIA. The California firm, which is part of New York Private Bank & Trust’s RIA network, is acquiring Integral Financial Solutions.

Sand Hill Global Advisors is making its first RIA acquisition.

The $2.5 billion Palo Alto, Calif.-based firm plans to buy Integral Financial Solutions, a $200 million, two-advisor business based in San Francisco. Financial terms of the deal, which is expected to close on November 1, were not disclosed.

Sand Hill Global Advisors is backed by New York Private Bank & Trust’s (NYPB&T) Fiduciary Network, which financed the acquisition. NYPB&T has minority stakes in 14 RIAs managing a combined $40 billion through Fiduciary Network and has stakes in a handful of other advisory firms through its private equity arm, Emigrant Partners.

The acquisition marks Sand Hill’s first step in a plan to grow its total assets under management to $5 billion by 2025. Formerly backed by Boston Private, the firm has been part of Fiduciary Network since 2009.

‘It’s been a very interesting process with this acquisition. Philosophically, it’s been a real shot in the arm to the company in terms of thinking about the right way forward,’ said Brian Dombkowski, Sand Hill’s chief executive. ‘It’s been very helpful for us to have this as a catalyst.’

Sand Hill, which employs nine advisors, will add Integral Financial Solutions co-founders Janet Hoffmann and Barry Taylor to its ranks. The two firms have had a collegial relationship for a number of years, as Sand Hill helped refer clients to Hoffmann and Taylor when they departed Bingham, Osborn & Scarborough in 2010, a San Francisco RIA which was also formerly backed by Boston Private.

‘In a way, this had to be our first deal, because we’ve known these guys for a long time,’ Dombkowski said. ‘They’re great people. They’re culturally aligned.’

Sand Hill may return to the M&A marketplace soon: the firm is already in discussions with one other RIA, Dombkowski said. He expects the firm to rely equally on organic and inorganic growth in its quest to cross the $5 billion threshold.

‘Having a multi-office environment in the Bay Area, I think it’s time for that now. To be able to serve these markets with a local presence is important,’ Dombkowski said. ‘Our strategic plan is to expand our geographic reach throughout the Bay Area and to try and scale the company.’

For NYPB&T, the acquisition echoes a similar transaction it helped perform for one of its Fiduciary Network firms over the summer. In June, it financed $4.7 billion RegentAtlantic’s purchase of $890 million Hillview Capital Advisors. The acquisition was the first ever for RegentAtlantic, which had been part of Fiduciary Network since 2007.

‘Sand Hill has been growing at an incredible pace, but what’s impressed us has been the team’s ability to effectively manage that growth over the last few years,’ said Karl Heckenberg, the chief executive of Fiduciary Network and Emigrant Partners. ‘We are excited to be Sand Hill’s partner and look forward to supporting the firm in any way we can going forward.’


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Articles and Commentary Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA.  
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