Transactions
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Park Sutton Advises Fourth Street, a Top Institutional Consultant, on its Sale to AndCo Consulting
New York, NY, February 5, 2024 – Park Sutton Advisors, A Waller Helms Company (“Park Sutton Advisors”) is pleased to have represented Fourth Street Performance Partners, Inc. (“Fourth Street”) on its sale to AndCo Consulting, LLC. (“AndCo”), a leading institutional consulting firm with approximately $90.7 billion of assets under advisement (“AUA”). AndCo is headquartered in Winter Park, Florida, and simultaneously announced its sale to Mariner Wealth Advisors (“Mariner”). Fourth Street is headquartered in Covington, Kentucky, and has approximately $8.1 billion in AUA with a diverse client base comprised of endowments, foundations, religious organizations, healthcare organizations, and municipalities.
Park Sutton Advisors Managing Director, John Eubanks, CFP, who led the transaction said, “The partnership between AndCo and Fourth Street will create a stronger institutional consulting platform by capitalizing on a diverse client base and highly experienced team. Mariner's acquisition of AndCo reflects a broader trend observed among wealth management firms, where there is a strategic inclination towards diversifying client bases and expanding service capabilities.”
Institutional consulting is a space that is receiving significant attention from wealth managers like Mariner, and it is anticipated similar deals will be announced this year. It represents a logical evolution for wealth managers to enter the institutional consulting business. Consultants engaged with entities like college endowments and foundations work closely with foundation board members, who typically belong to the High-Net-Worth (“HNW”) demographic and are ideal clients sought by wealth managers. For wealth managers who already have a client base of HNW individuals, those clients often serve as a gateway to the foundations and endowments with which these individuals are affiliated.
The Fourth Street team expressed interest in accessing additional resources, leveraging a broader network, expanding its research team, and gaining expertise in alternative assets. The partnership with AndCo and Mariner positions Fourth Street to accomplish these strategic objectives.