Lazard Asset Management, which manages $216 billion in assets, will acquire Truvvo Partners, a New York-based wealth manager led by chief executive and chief investment officer Casey Whalen.
Truvvo, which does financial planning and manages $3.8 billion of investments for wealthy families, will join the existing private client group at the asset manager and form Lazard Family Office Partners. Combined they will have $8 billion in assets and provide advice and investment solutions across public and private markets.
Once the deal is complete, Lazard’s global wealth management unit, including the firm’s European business, will have about $22 billion.
“Demand for sophisticated and innovative wealth management solutions is increasing as family offices navigate the ever-changing markets and economic environment,” Evan Russo, CEO of Lazard Asset Management, said when the firm announced the deal on Wednesday. “We believe this acquisition will position us to fully serve families, helping them to reach their financial and business goals and to build a lasting legacy.”
Whalen, a so-called Yale cub who early in her career worked with the late David Swenson at the Yale University Investments office, was also previously the director of public investments at Rockefeller University and the chief investment officer of the New York Public Library.
“We share Lazard’s commitment to serving as a trusted advisor and fiduciary to our clients,” Whalen said in a statement.
“We partner with our clients to help them solve and simplify the complexities of wealth, while delivering sophisticated investment solutions and advice. We believe leveraging Lazard’s expertise, infrastructure, and resources will strengthen our platform and enable a holistic approach, allowing us to better serve our clients.”
Truvvo’s team, including partners Whalen, Jerome Antenen, Alison Rosenzweig, Caitlin Reynolds and Danielle Roseman, will be based in Lazard’s New York office.
