According to the announcement, CSI has a “…significant nation-wide presence that focuses on the financial and investment needs of high net worth clients including highly visible professional athletes”.
The acquisition expands the presence of SunTrust’s Private Wealth Management division in Los Angeles and Atlanta; adds offices in Greenwich, Boca Raton and San Francisco; and builds on the Company’s similar success in its music, motorsports and film practices. Terms of the agreement were not disclosed.
Established in 1978, CSI Capital Management has approximately $1.5 billion in assets under management, according to a press release.
“SunTrust continues to build its client base and reinforce its reputation as a leading wealth and investment management group through its strategic acquisition of assets of CSI Capital Management, one of the premier wealth management groups in California,” said Thomas Carroll, Managing Director of SunTrust Sports and Entertainment Specialty Group. “Our experience helps successful artists, athletes and entertainers — and others affiliated with the business of sports and entertainment — achieve their financial goals. We welcome the wealth management experience, reputation and proven client relationships represented by the people, brand and capabilities of CSI Capital Management.”
The Sports and Entertainment Specialty Group provides investment advice, estate planning, wealth advisory services and personal finance options to serve the complex needs of its clients.
“CSI is excited to join SunTrust’s Private Wealth Management team which is widely recognized for delivering an industry leading client experience. We believe this is an ideal partnership where our combined strengths and expanded capabilities will provide exemplary service and added value for clients,” said Leland Faust, founder and Chairman of CSI Capital.