A Conshohocken financial advisory firm has combined with one of the country’s fastest-growing wealth management platforms, writes Jeff Blumenthal for The Philadelphia Business Journal.
The deal, involving nearly $12 billion in assets, adds another chapter to the consolidation story reshaping Philadelphia-area finance.
The Deal
Mill Creek Capital Advisors, headquartered at 161 Washington St. in Conshohocken, officially combined with Englewood, New Jersey-based Pathstone on June 1.
Financial terms were not disclosed.
Mill Creek was founded in 2006 by former Hirtle Callaghan & Co. principals Joshua Gross and Richard Stevens. The firm advises or manages assets for approximately 450 ultra-high-net-worth families, single-family offices, and institutions.
The firm’s 46 professionals operate out of Conshohocken, with additional offices in Pittsburgh and Naples, Florida.
About Pathstone
Pathstone brings significantly larger scale. The firm is backed by private equity firms Kelso & Company and Lovell Minnick Partners.
It holds $185 billion in total client assets and employs 775 people across 22 offices nationwide. It is led by CEO Matt Fleissig.
The combination gives Pathstone one of the largest registered investment advisory footprints in the Philadelphia region.
Together with its Newtown Square office, established through the 2023 combination with Veritable, Pathstone now has more than 120 employees locally advising on nearly $30 billion in assets.
A Broader Trend
The deal fits a pattern accelerating across the wealth management industry.
In recent years, advisory firms in Paoli, Exton, and throughout the Philadelphia suburbs have been absorbed by larger, private equity-backed platforms.
Janney Montgomery Scott, one of Philadelphia’s most prominent money managers, sold to KKR last year.
What It Means for Conshohocken
For Conshohocken, the Mill Creek combination is another signal that the borough’s identity extends well beyond its redevelopment boom and restaurant scene.
Quietly and steadily, it is becoming one of the region’s most serious addresses for high-end financial services.
Learn more about the complete coverage of the Mill Creek and Pathstone merger in The Philadelphia Business Journal.
