IDB Bank (“IDB”) and Lido Advisors, LLC (“Lido”) today announced the creation of a new strategic partnership and joint venture: IDB Lido Wealth. The new entity will leverage Lido’s innovative wealth management to support IDB’s growing businesses and clientele. IDB Bank and Lido Advisors will continue to remain independent companies.
“We are excited to partner with Lido Advisors, who share our ‘It’s Personal’ DNA and are as passionate about serving clients as we are,” said IDB’s President and CEO, Ziv Biron. “This is an exceptional opportunity to complement our leading banking solutions with a suite of superior wealth management products and services as we further develop the value proposition we offer our clients.”
“Lido’s vision is to serve as a strategic partner and valued asset to clients. We accomplish that by offering innovative and thoughtful wealth advisory services. Our solutions are data-driven and focused on the net benefit to the client. This collaboration will bring Lido’s valued offering to IDB’s client base, thereby further facilitating the Lido Advisors vision and accelerating our growth strategy,” said Jason Ozur, CEO of Lido Advisors.
“As we came to know the team at IDB Bank and their clients it became clear that this is a unique institution. One that focused on the client experience and standards of excellence. Creating a JV to deliver Lido’s innovative wealth strategies to IDB clients is a natural fit,” added Ken Stern, President of Lido Advisors. “With this partnership we can provide IDB clients with an integrated and seamless approach to investment and private banking, in tandem with wealth advisory strategies.”
The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, and is expected to close by year end 2021. The Asset & Wealth Management Investment Banking Group of Raymond James served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to IDB. The Renaissance Companies, Inc. served as financial advisor and Akin Gump Strauss Hauer Field LLP served as legal counsel to Lido Advisors.
Founded in 1999, Lido Advisors LLC is a full-service, independent RIA that brings an innovative family office investment approach to grow and safeguard its clients’ wealth and legacies. Lido’s clients include high-net-worth and ultra-high-net-worth individuals, family offices, corporate executives, non-profit organizations and foundations. As one of the fastest growing RIAs in the United States, Lido has been recognized by many publications, including Forbes, Barron’s and the Financial Times. Today, Lido has over $10 billion in assets under management and provides a national presence, with 22 offices in major metropolitan areas. For more information, visit www.LidoAdvisors.com.