A Stamford-based registered investment advisory firm said it has raised $475 million in capital from an alternative asset manager that will take a noncontrolling minority stake in the company.
Steward Partners said the investment came from Ares Credit Funds, which will also expand its lending relationship with the firm. Ares joins Steward’s existing institutional backers, Cynosure Group and The Pritzker Organization.
Founded in 2013 with three advisors and less than $100 million in assets, Steward now oversees nearly $50 billion in client assets. The firm relocated its headquarters from New York City to Stamford earlier this year.
Ares Management Corp., the parent of Ares Credit Funds, reported more than $595 billion in assets under management globally as of Sept. 30, with operations across North America, South America, Europe, Asia Pacific and the Middle East.
