#USA #Miami #Emigrant Bancorp #Fortis Management Group #Emigrant Family Office

Emigrant Bancorp Expands Services Through Fortis Management Group Acquisition

In a significant move within the financial sector, Emigrant Bancorp, the parent company of Emigrant Bank, has announced its agreement to acquire a majority interest in Fortis Management Group LLC. This acquisition marks a pivotal development in Emigrant's efforts to diversify its offerings and enhance its ability to serve ultra-high-net-worth individuals and families. The deal, which is projected to finalize by April 2026, comes alongside the launch of a new initiative called the Emigrant Family Office, designed to provide specialized, non-investment family office services to clients with considerable wealth.

Fortis Management Group, operating from outside of Boston, Massachusetts, has established itself as a leading provider of comprehensive family office services specifically tailored for ultra-high-net-worth families. Founded by CEO Jay Goldfarb, Fortis's reputation for delivering customized solutions in areas such as financial reporting, cash management, and family governance positions it well as the cornerstone of the newly created Emigrant Family Office.

The new business unit aims to deliver a suitable suite of family office capabilities, expanding on Emigrant Bank's legacy of serving wealthy families. Emigrant Bancorp's substantial ecosystem already encompasses over 100 professionals devoted to addressing the unique needs of high-net-worth clients. The integration of Fortis's 14-person team will enhance this capacity, enabling a more robust approach to the complex financial, operational, and governance challenges associated with managing significant wealth.

Howard P. Milstein, the Chairman and CEO of Emigrant Bank, emphasized the importance of this acquisition, stating, "For decades, we have built a broad set of specialized capabilities to serve the increasingly complex needs of wealthy families. Emigrant Family Office brings these capabilities together into a single, coordinated platform..." This unified approach aims to fulfill the vision of providing families and their advisors with a comprehensive solution supported by exceptional talent across the organization.

Liz Nesvold, who serves as the Executive Chair of Emigrant Family Office, noted that the investment in Fortis is not just strategic but essential. She expressed confidence in Fortis's highly respected team, stating, "Together, the addition of Fortis and the launch of Emigrant Family Office represent a meaningful inflection point for the market." Under Fortis, families can expect a tailored approach to wealth management, given their expertise in coordinating with tax, trust, and estate planners.

The leadership team of the Emigrant Family Office will include Mark Rogozinski, the new President, and Ken Eyler, managing director of family office services. Both have collaborated closely on defining the strategy and direction of the new division. Their goal is to integrate Fortis's services into Emigrant's extensive suite of specialized financial offerings, ensuring that clients receive cohesive support for their complex wealth management needs.

As the financial landscape continues to evolve, there is a notable trend among registered investment advisors (RIAs) seeking to develop family office capabilities. Mr. Rogozinski noted the growing urgency for RIAs to diversify their services as they cater to high-net-worth clients, addressing the gaps they currently face in providing comprehensive wealth management solutions.

The merger of Emigrant Bancorp and Fortis Management Group sets a precedent for how family office services can be effectively structured to meet the demands of affluent clients and their advisors without adding operational burdens. Fortis’s in-depth understanding of family office services, combined with Emigrant’s resources and commitment to innovation, positions them uniquely within the market.

In summary, the acquisition of Fortis Management Group and the establishment of the Emigrant Family Office embody a strategic and innovative approach to family wealth management. By aligning a highly skilled team under one umbrella, Emigrant Bancorp is set to redefine its service offerings, catering to the sophisticated needs of ultra-high-net-worth families in today's financial landscape.

The integration of these capabilities not only augments Emigrant's current service spectrum but also solidifies its commitment to providing unparalleled support and guidance to families navigating complex financial landscapes. As the platform gets ready for launch, the outlook for enhanced family office services from Emigrant looks promising, ensuring that they remain at the forefront of meeting the evolving needs of high-net-worth clients.