The amount of the deal was not disclosed.
The company intends to use the funds to accelerate its expansion strategy.
Led by Managing Partners Co-CEOs Blaine Lourd and Palmer Murray, as well as Michael Lee (Operations and Strategy), Keith McKenzie and Darren Reinig (CIO), LourdMurray is a newly merged wealth management group that serves ultra-high net worth individuals, families and institutional clients across the United States.
As part of this transaction, LourdMurray has merged with San Diego-based Delphi Private Advisors.
The combined advisory group, which will operate under the brand name LourdMurray, oversees approximately $4.8 billion in client assets. Thirty-four employees in Beverly Hills, San Diego and Baton Rouge, La., will provide wealth management services to affluent families, business owners, executives, artists, entertainers, professional athletes and institutions.
As the two teams integrate into one, the San Diego office will temporarily use the transition name LourdMurray Delphi.
Additional members of the leadership team include:
– Jill Young, who will continue as Chief Compliance Officer and Director of Operations;
– Peter Wright, Wealth Advisor and Executive Director of the Baton Rouge office; and
– Gary Hirschfield, General Manager of the San Diego office.