Emigrant Bancorp in Miami has agreed to buy a majority interest in Fortis Management Group in Boston.
Emigrant said in a press release that the acquisition should close in April. The price wasn’t disclosed.
The acquisition coincides with the launch of Emigrant Family Office, a newly formed business unit designed to deliver a highly specialized, non-investment suite of family office capabilities to ultra-wealthy families and registered investment advisors.
Fortis founder and CEO Jay Goldfarb will held lead the new division. Mark Rogozinski will serve as the division’s president, while Ken Eyler is managing director.
“For decades, we have built a broad set of specialized capabilities to serve the increasingly complex needs of wealthy families,” Howard Milstein, Emigrant’s chairman and CEO, said in the release. “Emigrant Family Office brings these capabilities together into a single, coordinated platform — fulfilling a long-standing vision of providing families and their advisors with an integrated solution supported by exceptional talent across our organization.”