Dallas-based registered investment adviser (RIA) True North Advisors LLC has acquired Blue Investment Partners LLC, an investment management firm headquartered in Danville, California, that has roughly $353 million in assets under management as of June 30. With the close of the transaction, True North said it now manages over $5.1 billion in assets.

The acquisition, which closed June 30, marks True North’s expansion in California and entry into the San Francisco Bay Area, as well as an increased nexus in the New York Tri-State Area. No financial details were disclosed.

“The addition of Blue to True North strengthens the firm’s investment team and advances its reach in strategically important markets,” Mark Gehlbach, president and co-founder of True North, said in a statement. “Blue’s approach to managing complex portfolios for financially sophisticated clients is highly complementary to True North’s, with core investment models that enhance True North’s broader platform.”

Founded in 2018 by Brett Hoover and Matt Dublin, Blue advises ultra-high-net-worth families and institutional investors.

“Brett and Matt have built a respected business by maintaining a disciplined investment focus, high-touch advisory service, and strong connectivity to their clients,” Scott Wood, CEO and co-founder of True North, said in a statement. “Blue’s insights, network, and client relationships add substantial value to True North’s tactical growth plan, and the firm looks forward to welcoming Brett and Matt to the team.”

Hoover and Dublin said Blue Investment Partners is a good match for True North.

“As we evaluated potential partners, it was clear that True North offered a unique blend of shared values, institutional-level resources, and strategic vision,” Hoover and Dublin said. “The True North partnership allows us to preserve the integrity of our client relationships while scaling our capabilities and extending our impact.”

Spotlight on growth

This is True North’s second acquisition since forming a growth partnership with Wealth Partners Capital Group and the Aspire Holdings platform of HGGC in January 2024.

“Blue shares True North’s entrepreneurial spirit and growth orientation,” WPCG Partner Mac Selverian said. “Blue’s client base and strong presence in key markets further position True North as a recognized, independent RIA with national reach and institutional strength.”

Blue was represented by Jessica Polito of Turkey Hill Management LLC. Michael Gardiner of CounselGS served as legal counsel to Blue.

True North Advisors is a privately held multi-family office serving business owners, entrepreneurs, and families with comprehensive wealth planning, investment management, and transaction advisory. It also oversees Western Alternative Strategies, a growing institutional alternative investment platform. As of June 30, True North manages over $5.1 billion in assets.

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