On October 17, 2018, Seward & Kissel client Kudu Investment Management, LLC acquired a minority interest in Bingham, Osborn & Scarborough, LLC (B|O|S).
Under the terms of the transaction, Bingham, Osborn & Scarborough, LLC (B|O|S) (“BOS”) will buy back its majority stake from Boston Private Financial Holdings, Inc. (“BPFH”) and BOS’s principals and founder will own approximately 68% and Kudu Investment Management, LLC (“Kudu”) will own the remaining 32% of BOS. BOS’ existing Management Committee comprised of Carol Benz, Kevin Dorwin, Jennifer Ellison, Richard Golinski, and Aaron Waxman will become the firm’s Board of Managers. A Seward & Kissel team led by partner Meir Grossman, supported by partners Jim Abbott and Jon Brose, counsel Julia Spivack and associate Mark Schuber represented Kudu in connection with the transaction. The transaction is expected to close in the fourth quarter of 2018, subject to customary closing conditions. Further terms of the deal were not disclosed.
Kudu is a New York-based registered investment advisor, founded in 2015 by Rob Jakacki and Charlie Ruffel, that specializes in minority equity investments in asset management firms, wealth management firms, and pooled investment vehicles in the United States and Canada.
BOS is a San Francisco-based wealth management firm with approximately $4.7 billion in client assets as of September 2018.
To read the press release: please click here.