PHILADELPHIA, PA — Wealth management firm Pathstone has combined with Conshohocken-based Mill Creek Capital Advisors, adding approximately $12 billion in client assets and strengthening its position in the Philadelphia-region market for ultra-high-net-worth families and institutional investors.
The transaction, which became effective June 1, brings together two registered investment advisory firms and increases Pathstone’s local footprint to more than 120 employees advising nearly $30 billion in assets across offices in Conshohocken and Newtown Square.
Financial terms of the combination were not disclosed.
The deal reflects continued consolidation within the wealth management industry, where firms are seeking greater scale to expand investment capabilities, technology resources, and client services while competing for affluent households and family office relationships.
Founded in 2006, Mill Creek serves approximately 450 families and institutions and manages nearly $12 billion in assets. The combination adds 46 professionals to Pathstone, according to the company.
Joshua Gross, chief executive officer of Mill Creek, said the firms identified a strong strategic and cultural fit during discussions that began in 2025.
“From our earliest conversations, it was clear that Pathstone and Mill Creek shared a common view of what matters most: serving clients with depth, care, objectivity, and continuity,” Gross said.
Pathstone Chief Executive Officer Matt Fleissig said the transaction strengthens the firm’s ability to serve wealthy families, single-family offices, and institutional clients in the Philadelphia region and nationally.
“Mill Creek brings an exceptional team, deep client relationships, and a highly respected presence in the Philadelphia region,” Fleissig said.
The companies said formal discussions began during the summer of 2025 despite a longstanding familiarity between the two organizations. Executives cited alignment in client-service philosophy and organizational culture as key factors behind the transaction.
The combination creates one of the largest independent registered investment advisor footprints in the Philadelphia metropolitan area, a region that has become increasingly competitive as RIAs pursue growth through acquisitions and strategic partnerships.
Colchester Partners LLC served as financial advisor to Mill Creek. Legal counsel was provided by Cozen O’Connor LLP for Mill Creek and Alston & Bird LLP for Pathstone.
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