Emigrant Bank Acquires Fortis, Launches Family Office
Emigrant Bancorp has acquired Fortis Management Group, a multi-family office and RIA. Fortis will become the core of a new business unit, Emigrant Family Office, which will provide specialized non-investment services to ultra-high-net-worth families.
This acquisition is part of a larger trend of consolidation in the wealth management industry. Projections indicate that by 2029, mergers and acquisitions could reduce the number of wealth and asset management firms by as much as 20%, with over 1,500 significant transactions expected in the next five years. This trend is driven by firms seeking to gain scale, diversify services, and invest in technology to meet evolving client demands. Emigrant Bancorp, a privately owned bank founded in 1850 to serve Irish immigrants, has a long history of evolving its services. Originally the Emigrant Industrial Savings Bank, it grew to become the largest savings bank in the United States by the 1920s. Today, it is run by Chairman and CEO Howard Milstein and has expanded into various specialized financial services. Fortis Management Group, founded in 2005 by Jay Goldfarb, has operated as a fee-only family office, providing strategic financial guidance to ultra-high-net-worth families without focusing on investment advice. This model is designed to offer an unbiased perspective on a family's entire financial picture, from cash management and philanthropy to tax and estate planning. The new Emigrant Family Office will be led by seasoned executives with experience in serving ultra-high-net-worth clients. Mark Rogozinski, with a 35-year career including roles at Cresset Capital and Pitcairn, has been appointed Head of Family Office Services. He is joined by Kenneth Eyler, another Cresset alumnus with over 30 years of experience, who will serve as a managing director. This new unit will integrate with Emigrant's existing suite of services for the affluent, which include a digital collaboration platform (Summitas), a risk advisory firm (Personal Risk Management Solutions), specialized art lending, and private trust companies. The move aims to provide comprehensive, value-added resources to the independent wealth firms within Emigrant's network.
