On November 1, 2021, IDB Bank and Lido Advisors, LLC announced a strategic partnership and joint venture.
Pursuant to the agreement, IDB Bank (“IDB”) has formed a strategic partnership and joint venture with Lido Advisors, LLC (“Lido Advisors”) called IDB Lido Wealth. IDB and Lido will remain independent companies. The transaction, subject to customary closing conditions, is expected to close in the fourth quarter of 2021. Further terms of the agreement were not disclosed.
IDB, based in New York City, is a full-service bank with over $11 billion in assets. The Asset & Wealth Management Investment Banking Group of Raymond James served as financial advisor to IDB on the deal.
Lido Advisors, based in Los Angeles, California, is a wealth advisory firm focusing on risk mitigation and access to alternative, core and tactical investment strategies. Lido Advisors has over $10 billion in assets under management.
To read the press release: please click here.