News Summary
Wellspring Family Office in Cleveland has formed a strategic partnership with The Pritzker Organization to enhance its service offerings for ultra-high-net-worth families. The collaboration aims to improve investment capabilities, expand tax and trust services, and maintain Wellspring’s client-first culture. This partnership leverages TPO’s extensive experience while ensuring Wellspring’s leadership remains focused on long-term family support across generations.
Cleveland – Wellspring Family Office, an independent multi-family office based in Cleveland, has announced a strategic partnership with The Pritzker Organization (TPO). This collaboration aims to bolster Wellspring’s capacity and specialized services while preserving its independence and client-first culture. The partnership will enhance Wellspring’s current offerings, including investment, tax, and trust services, while also improving banking and advisory relationships.
Established over 70 years ago, TPO has built a reputation for long-term investments and forging partnerships with exceptional leaders and businesses. Unlike traditional private equity firms, TPO emphasizes the importance of providing permanent capital and aligning interests with families for the long haul. This approach resonates with Wellspring’s mission of delivering support to families across generations.
Wellspring, founded in 2007, has grown to serve ultra-high-net-worth individuals and families, managing approximately $4.2 billion in assets for around 135 families. The firm is increasingly focused on enhancing its service offerings. With the new partnership, Wellspring aims to expand its investment capabilities, broaden its tax and trust services, and improve technology and operational efficiencies. Additionally, it plans to launch a trust company for its clients and further develop its “Be Well” services, which are geared towards family governance, wellness, and mental health support.
The partnership is designed to bring together TPO’s extensive experience in investment management and Wellspring’s established client-first approach. The leadership teams, advisory units, and investment philosophy at Wellspring are expected to remain untouched, ensuring that clients continue to receive the high level of service they are accustomed to. TPO’s Managing Director expressed enthusiasm for the collaboration, noting that it reflects shared core values and a customer-centric approach.
Part of Wellspring’s growth strategy includes expanding its physical presence. Plans are in place to establish new offices in the Western and Southeastern regions of the United States, complementing its existing headquarters in Cleveland and TPO’s offices in Chicago.
The announcement did not reveal specific financial terms or the size of TPO’s investment in Wellspring, but the partnership represents a significant step in innovating and enhancing the family office model. The focus on permanent capital and aligned interests aims to resonate with multigenerational families seeking effective wealth management strategies.
The strategic partnership between Wellspring and The Pritzker Organization is poised to enrich the services and operational capabilities of Wellspring Family Office, allowing the firm to better serve its clientele while maintaining its commitment to delivering a client-first experience.
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Additional Resources
- Business Wire: Wellspring Family Office Announces Strategic Partnership with The Pritzker Organization
- Wikipedia: Family Office
- Wealth Management: Wellspring CEO Contrasts Pritzker Org Deal with Industry’s Standard PE Partnerships
- Google Search: Wellspring Family Office
- Citywire: $4.2bn Family Office Wellspring Sells Stake to The Pritzker Org
- Encyclopedia Britannica: Private Equity
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