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GIG HARBOR, WASH./PHILADELPHA, PA – Threshold Group, a wealth management and family services firm headquartered in Gig Harbor, Wash., and Ashbridge Investment Management, a Philadelphia-based family wealth management office, have signed a letter of intent aimed at creating a single, independent and family-owned wealth services firm for families.

The preliminary agreement, approved during September by the boards of directors at each firm, marks the beginning of a collaborative due diligence process being conducted this fall. A joint leadership team is working toward a future definitive agreement. Terms of the private agreement are not being disclosed.

The preliminary agreement calls for the creation of a single, family-owned firm under the banner of Threshold Group. Full-service offices and staff would be maintained in both Philadelphia and Gig Harbor, Washington. The combined multi-client family office would continue to focus on comprehensive investment advisory services and an integrated range of family office services, including financial and tax planning, estate planning, budget and cash flow management, wealth education and family governance. Threshold Group’s existing office in New York City would be consolidated to Philadelphia; its office in Portland, Oregon will continue to operate as a client service site.

“This is an exciting opportunity for both organizations and our respective clients because, after careful consideration, we have discovered that Ashbridge shares many core cultural and professional qualities with Threshold,” said Tim Cavanaugh, vice-chairman of Threshold Group. “Our clients, founding families and our associates will benefit from added depth, common values, continued intimacy of service, enhanced service teams, and in some cases, reduced distance between client households and our relationship managers.”

“We are thrilled to have entered into this agreement because it represents a potential combining of two like-minded organizations, both of which have been independently founded and owned by successful families,” said Charlie B. Grace, Jr., chairman of Ashbridge. “Both our firms have first-hand understanding of families, and both have been vocal advocates of purely advisory, open architecture services. Together, we have the chance to create broader professional capabilities for our clients and continued sustainability for the long term.”

Ed Lazar, president of Threshold Group, said more specific details of the combined organization will be provided at the conclusion of the ongoing due diligence process. “We will be working closely with our clients during this process because this agreement is about creating long-term, deeply valued outcomes for families. Our objective here is to thoughtfully combine our service capabilities and cultures so that we are even better equipped to serve our clients’ goals well into the future.”

About Threshold Group
Threshold Group is a multi-client family office created by George and Jane Russell to serve a select community of goal-oriented families. Wholly owned by its founding family and entirely independent in its advisory relationships, Threshold evaluates each family’s needs to provide an appropriately customized investment and service plan. With a heritage based on the creation of Russell Investments (formerly Frank Russell Co.), the concept of open architecture and independent due diligence are foundational to Threshold’s culture. Services include global asset allocation; manager-of-manager selection and oversight; financial record-keeping and reporting; estate, tax and financial planning; bill paying; insurance coordination; foundation management; family meetings; and wealth education. Threshold originated as a single-family office in 1999 and began working with additional families in 2004. Today it employs 34 associates in three offices, and advises on client assets of $1.5 billion.
www.thresholdgroup.com

About Ashbridge
Ashbridge is a registered investment advisor and has served as the family office to five generations of the Grace family of Philadelphia. Industrialist Charles B. Grace, Sr. formed Ashbridge Corporation in 1958 to manage the wealth generated from the sale of the steel fabricator, Heintz Manufacturing Company, and the wealth passed on by Eugene G. Grace, Sr., long-time chairman of Bethlehem Steel. In 1981, the Grace family began delegating security selection to outside investment managers while retaining responsibility for investment policy, strategy and asset allocation. The Grace family became one of the first private families to advance the concept of open architecture investment management. This advisory approach led to the formation of Ashbridge Investment Management in 1992, which allowed the Grace family to share its wealth management expertise with other investors in the United States and abroad. Ashbridge today employs nine associates in its Philadelphia office and advises on client assets of approximately $750 million.
www.ashbridge.com