Tolleson Wealth Management buys multifamily office Quintessence Group
Tolleson Wealth Management has acquired Quintessence Group Ltd., a multifamily office that also caters to high-net-worth clients in the Dallas market. Terms of the deal weren't disclosed.
Tolleson Wealth Management has acquired Quintessence Group Ltd., a multifamily office that also caters to high-net-worth clients in the Dallas market.
Terms of the deal weren’t disclosed.
Tolleson bought Quintessence to “build capacity for growth,” said Eric Bennett, Tolleson’s chairman and chief executive.
For now, Tolleson plans to focus on the Dallas market and isn’t looking for acquisitions in other cities, he said.
The combination of Tolleson and Quintessence makes sense, said Jeff Rupp, managing director at Bluffview Wealth Management LP.
“It should be a good match,” he said. “Quintessence is well-known in the high end of the market, and Tolleson will get some good people.”
Tolleson, founded in 1997, has about $1.7 billion in assets under management, and clients have a minimum of $10 million in investible assets, Mr. Bennett said.
Quintessence has about $100 million in assets under management and will benefit from Tolleson’s larger size, said John Wommack, the firm’s founder and chief executive.
According to Mr. Bennett, the wealth management market in Dallas has “stabilized” since last fall’s downturn.
“We didn’t think there would be much growth this year, but we’ve picked up several clients, and it’s turning out to be a better year than we expected,” he said.
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