Citizens Financial Group bolsters its wealth management business

|About: Citizens Financial Group (CFG)|By:, SA News Editor

Citizens Financial Group (NYSE:CFG) adds to its wealth management business by agreeing to buy Clarfeld Financial Advisors, a wealth management firm and multi-family office based in Tarrytown, NY.

Terms of the deal weren't disclosed; expected to lose late this year or early next year.

As of Sept. 30, 2018, Clarfeld held about $6.6B of assets under management and about $900M of assets under administration.

On a combined basis, Citizens Bank Wealth Management and Clarfeld will oversee about $14.4B of AUM and $34.1B of AUM/AUA.

Previously: Citizens Financial Group's $300M preferred stock offering prices (Oct. 22)

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