SunTrust Banks Inc. announced Wednesday that it bought a San Francisco wealth manager, which focuses on wealthy clients including “highly visible professional athletes.
CSI Capital Management, which was established in 1978, has $1.5 billion in assets under management.
The acquisition expands the presence of SunTrust's Private Wealth Management division in Los Angeles and Atlanta; adds offices in Greenwich, Boca Raton and San Francisco; and builds on its practice with wealthy athletes, musicians, motorsports and film practices.
"Our experience helps successful artists, athletes and entertainers -- and others affiliated with the business of sports and entertainment -- achieve their financial goals,” said Thomas Carroll, Managing Director of SunTrust Sports and Entertainment Specialty Group. “We welcome the wealth management experience, reputation and proven client relationships represented by the people, brand and capabilities of CSI Capital Management."
The price of the deal was not disclosed.
The Sports and Entertainment Specialty Group provides investment advice, estate planning, wealth advisory services and personal finance options to serve the complex needs of its clients.
SunTrust Banks, which is based in Atlanta, had $170.8 billion in total assets as of March 31. The SunTrust Sports and Entertainment Specialty Group has offices in Atlanta, San Diego, Los Angeles, Charlotte, Daytona Beach, and Nashville. It offers wealth management services to musicians, actors, artists and athletes and their representatives, including personal banking and credit, investment management, financial planning, insurance, trust administration, estate strategies and capital markets, as well as intellectual property lending and industry-specific financing.
Through the affiliate SunTrust Robinson Humphrey, the group also serves the corporate needs of music, film and sports organizations and institutions.