Randy Quarles Opalesque Industry Update – Houston-based, $4bn wealth advisor Avalon Advisors announced on Tuesday that it had received a significant investment from private equity firm Carlyle Partners. The investment comes from Carlyle Global Financial Services Partners, which is a $1.1bn fund focused on investing into financial services companies.
In a statement released by both firms, Randy Quarles, Managing Director at Carlyle said, “We are pleased to form this partnership with Avalon. The firm has committed leadership, a talented team and an excellent track record of investment performance and client service. Avalon has deep market penetration and focused expansion plans that we look forward to supporting.”
Headquartered in Texas, Avalon Advisors was founded in 2001 and manages equity, fixed income and balanced portfolios for wealthy families, endowments, foundations, trusts and institutions across the US. It employs 25 people and has grown into one of the largest independent asset management firms in the Southwest, with nearly $4bn in client assets under management.