Pat Soldano
Cymric Family Office Services, a Costa Mesa firm that manages financial affairs for ultra-high net worth families, has been sold to GenSpring Family Offices, a wealth-management firm with $17 billion under advisement.
Pat Soldano, who founded Cymric in 1987, said last week she decided to sell her 12-member firm because she wants to assure clients that she has a succession plan in place.
“I’m turning 60 next year,” she said. “That contributed to my decision to make sure there’s always someone alive and viable.”
Soldano said she chose to sell to GenSpring because it has a staff of accountants, financial advisers and technical experts to handle the needs of her investors. Terms of the sale were not disclosed. Soldano will remain with GenSpring for five years under the agreement.
Cymric manages financial, legal, estate planning and other monetary affairs for families with a minimum $25 million net worth, Soldano said. The largest account is $300 million.
Soldano said her challenge this year has been to protect her clients’ assets. Some of her investors had money in funds of funds — three degrees of separation — that lost money as part of the $50 billion Ponzi scheme run by New York investment manager Bernard Madoff.
Cymric is named after an oil patch — one of 2008′s most volatile investments — that was the source of one of her original investor’s family fortune.
“2008 has been an incredibly difficult year,” she said.
To see the announcement, CLICK HERE.
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