Corient Buys $21 Billion Summit Trail Advisors as CEO Touts 1 P&L Partnership Model
Updated
Updated · Wealth Management · Aug 5
Corient Buys $21 Billion Summit Trail Advisors as CEO Touts 1 P&L Partnership Model
3 articles · Updated · Wealth Management · Aug 5
Summary
$21 billion Summit Trail Advisors agreed to be acquired by Corient this week, extending Corient’s push in ultra-high-net-worth wealth management.
CEO Kurt MacAlpine said Summit Trail was drawn to Corient’s partnership structure—more than 300 partners share one global compensation plan and one firmwide P&L with no chargebacks—rather than the siloed advisor model common in RIAs.
Corient now has about 3,000 employees and more than $556 billion in client assets across the U.S., Canada and Europe; MacAlpine said client assets have more than doubled since January.
Mubadala Capital’s permanent backing has helped fund that expansion, MacAlpine said, contrasting it with shorter-horizon private equity and signaling more acquisitions could follow in Europe and beyond.