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Citizens Financial unit closes acquisition of Clarfeld Financial

Citizens Bank NA, a unit of Providence, R.I.-based Citizens Financial Group Inc., closed its acquisition of Clarfeld Financial Advisors LLC.

Clarfeld will continue to operate under its current brand name as a division of Citizens Bank Wealth Management. The combined wealth management business will oversee about $14.4 billion of assets under management and $34.1 billion of assets under management/assets under administration.

Citizens Bank Private Wealth Management will be integrated with Clarfeld, which Robert Clarfeld will continue to lead as CEO.

Silver Lane Advisors LLC acted as financial adviser and Debevoise & Plimpton LLP acted as legal adviser to Citizens Financial. Kramer Levin Naftalis & Frankel LLP acted as legal adviser to Clarfeld.