Arax Investment Partners announced it has acquired GFP Private Wealth, a Cleveland, Ohio-based registered investment adviser with $1.5 billion in assets under management, as Arax looks to expand its presence in the Midwest and add another established advisory practice to its platform.
GFP is led by Chief Executive Officer Carina Diamond, and Arax said the partnership is intended to support GFP’s next phase of growth by pairing its high-net-worth client service and planning capabilities with Arax’s broader infrastructure and strategic resources.
GFP will join Arax Advisory Partners, Arax’s platform for independent firms that emphasize sophisticated planning strategies alongside investment advice for high-net-worth families, individuals, and institutions. Arax said GFP brings decades of experience serving clients across generations and economic cycles with planning and portfolio management, and it highlighted the firm’s history as a women-led RIA founded in 1978 by Sally Gries, described as Ohio’s first wholly woman-owned registered investment adviser.
Support: Colchester Partners served as exclusive financial advisor to GFP Private Wealth on the transaction, according to the announcement.
KEY QUOTES:
“GFP was built nearly 50 years ago on the belief that independent, high-quality advice can change clients’ lives. We have been preparing for this next phase of growth, and our partnership with Arax gives our team the depth, infrastructure and strategic support necessary to deliver the personalized experience our clients trust at a scale that matches their evolving needs.”
Carina Diamond, Chief Executive Officer, GFP Private Wealth
“Founded in 1978 by Sally Gries as Ohio’s first wholly woman-owned RIA, GFP Private Wealth has built a legacy of trust, quality and principled leadership. That legacy, which continues today, aligns perfectly with Arax’s values. We are excited to partner with GFP as the team continues to deliver enduring impact for clients across generations.”
Haig Ariyan, Chief Executive Officer, Arax Investment Partners
