Citizens to buy wealth management firm in New York

Citizens Financial Group in Providence, R.I., has agreed to buy Clarfeld Financial Advisors, a wealth management firm in Tarrytown, N.Y.

The $158.6 billion-asset company said in a press release Monday that the acquisition will allow it to provide a full suite of family office, investment, financial planning and tax and estate planning services to clients.

Citizens did not disclose the price of the deal, which is expected to close late this year or early next year.

Clarfeld, which will continue to operate under its current brand, will become a division of Citizens Bank Wealth Management. Citizens Bank Private Wealth Management will be integrated into Clarfeld.

The acquisition “provides a unique opportunity to accelerate our strategy of building a highly competitive wealth management business that is well-positioned to offer a comprehensive range of wealth management and banking services to existing and future clients,” John Bahnken, president and CEO of Citizens Bank Wealth Management, said in the release.

Robert Clarfeld, the wealth firm’s founder and CEO, will become CEO of Citizens’ high-net-worth and ultra-high-net-worth businesses.

“I am excited about leading the build-out of our combined private wealth platform,” Clarfeld said in the release. “With a broader range of products and services, we will be well-positioned to provide an exceptional value proposition to existing and future clients.”

Silver Lane Advisors and Debevoise & Plimpton advised Citizens. Kramer Levin Naftalis & Frankel advised Clarfeld.