Citizens Financial Group Acquires Clarfeld

February 8, 2019

On January 2, 2019, Citizens Financial Group announced that it had acquired Clarfeld Financial Advisors, LLC.

Under the terms of the transaction, Clarfeld Financial Advisors LLC (“Clarfeld”) will join Citizens Financial Group, Inc.’s (“Citizens Financial”) wealth management business, Citizens Bank Wealth Management (“Citizens Wealth”) and continue to operate under the Clarfeld name as a division of Citizens Wealth. Robert Clarfeld of Clarfeld has been named CEO of Citizens’ high net worth and ultra-high net worth businesses post-transaction. Further terms of the deal were not disclosed. Silver Lane Advisors acted as financial advisor to Citizens Wealth.

Citizens Wealth is the wealth management division of Citizens Financial, specializing in banking and investing services, retirement plans and financial services.

Citizens Financial (NYSE: CFG) is a bank headquartered in Providence that provides retail and commercial banking products and services. It has $158.6 billion in assets as of September 30, 2018.

Clarfeld is a New York-based wealth management and financial advisory firm specializing in advising high net worth and ultra-high net worth clients. Clarfeld has $6.6 billion of assets under management and $900 million of assets under administration as of September 30, 2018.

To read the press release: please click here.


Investment Manager M&A, Transactions