ImpactAlpha, Mar. 1 – Pathstone, a $25 billion multi-family office based in Englewood, N.J., will bolster its impact investing capabilities by absorbing the advisory firm led by Erika Karp that manages $1.3 billion in assets.
“We could not have found a better partner to do impact at scale,” Karp told ImpactAlpha. She said eight members of Cornerstone’s team will join Pathstone, where she will be chief impact officer and a member of the executive and investment committees. Terms were not disclosed.
Build or buy
Recent acquisitions include BlackRock’s billion-dollar acquisition of Aperio, along with Morgan Stanley’s $7 billion purchase of Eaton Vance, which included Eaton Vance’s Parametric unit, which enables the creation of customized indexed accounts focused on sustainability and ESG indicators.
Trillium Asset Management, with $2.8 billion in assets under management, was acquired last year by Perpetual Limited, an Australian financial services firm.