HB Wealth Management (HB) – a leading Atlanta-based fee-only wealth advisor with offices across the Southeast – announced it has entered into a definitive agreement to acquire WMS Partners (WMS), a $6.4 billion multi-family office and registered investment adviser (RIA) based in Towson, Maryland – which will become part of HB Family Office. The deal is expected to close in early Q1 of 2025, subject to customary closing conditions.
Since 1993, WMS has provided a holistic suite of wealth management and family office solutions for high- and ultra-high-net-worth individuals and families, including robust trust and estate planning capabilities and a sophisticated private investments platform. The firm, founded by Tim Chase, David Citron, and Martin Eby, has grown to over 80 employees and partners.
This deal is a pivotal inflection point in HB’s growth story, which is expanding into the mid-Atlantic region. It comes on the heels of recent milestones for HB, such as its strategic minority investment from TPG Growth and the opening of a Tampa, FL office by adding a 12-person team. And the acquisition is the first since hiring Andrew Page, Head of Corporate Development at Homrich Berg, to lead its mergers and acquisitions activities.
The WMS acquisition will bring HB’s total assets under management to over $24 billion, expanding the footprint to include ten offices across five states with more than 300 team members. At the closing of this transaction, all 21 WMS shareholders will become owners in HB, bringing the total shareholder count for the combined firm to over 70.
Willkie Farr & Gallagher served as legal counsel to WMS Partners, while Alston & Bird served as legal counsel to HB.
KEY QUOTES:
“HB is highly selective as we evaluate potential partners, and we are thrilled to join forces with WMS Partners who we have long admired for their unwavering commitment to serving as a fiduciary to client families. WMS and HB share a unique approach to advanced planning and private market investing, and this collaboration will complement and enhance our service offering, allowing us to even better serve clients with complex planning and investment needs as we move to become the premier independent fee-only RIA in the Southeast plus region.”
- Homrich Berg President and CEO Thomas Carroll
“Our pledge to client families has always been to create a permanent solution to serve multiple generations. By joining HB, we will fulfill that promise and benefit from a platform and leadership team that shares our unwavering commitment to always putting clients first. We look forward to a seamless transition and know the essence of WMS will remain as we join HB.”
- Martin Eby, co-founder and Senior Advisor at WMS
“We’ve had a multi-year relationship with HB and have built strong connections across our organizations. We feel very fortunate to have found a firm with shared values and a vision of serving clients as fiduciaries and innovating through their investment and planning platforms.”
- Todd Wickwire, CEO of WMS
