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Marin County wealth firm Private Ocean acquired by Wealthspire Advisors of New York

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A New York-based investment and insurance brokerage firm has acquired Private Ocean, a wealth management company in San Rafael.

Wealthspire Advisors closed on the purchase in December. That brought its level of assets up to $17 billion and offices to 18 locations. The firm has declined to provide the financial details of the purchase on the Marin County, which had $2.7 billion under management.

“This is a fantastic opportunity for Wealthspire,” Wealthspire CEO Mike LaMena said in a statement issued in November, adding that Private Ocean represents “a natural fit” for his firm. “This is a significant opportunity to plant a flag on the West Coast and demonstrate our growing national scope.”

LaMena was unavailable for comment Friday.

Reached by phone on Thursday, Private Ocean CEO and founder Greg Friedman agreed the merger works as a good fit. Friedman, who now holds a title of chief strategy officer, explained to the Business Journal that the acquisition amounts to more about the expansion of resources for Private Ocean clients than his own succession plan at age 61.

“It is exciting to partner with a dynamic enterprise like Wealthspire,” Friedman said earlier in a statement. “We both share the highest fiduciary standards and philosophy on client service. This is an important step for both of our firms in an environment where scale and quality matter.”

This transaction comes on the heels of Wealthspire’s recent agreement to acquire Private Capital Group, a $1 billion company based in West Hartford, Connecticut.

Private Ocean formed in 2009 with the combination of two of the oldest privately held wealth management firms in the San Francisco Bay area: Salient Wealth Management and Friedman & Associates.