IDB Bank and Lido Advisors Launch IDB Lido Wealth as Registered Investment Advisor

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Apr 04, 2023, 12:00 ET

IDB Lido Wealth LLC Now Officially RIA

NEW YORK, April 4, 2023 /PRNewswire/ -- IDB Bank ("IDB") and Lido Advisors, LLC ("Lido") today announced the official launch of their strategic partnership and joint venture, IDB Lido Wealth, LLC. The new entity is an SEC registered investment adviser¹ that will leverage Lido's best-in-class wealth management capabilities to enhance IDB's full suite of private and commercial banking solutions to support the Bank's growing reach and scope within the regions it operates. IDB Bank and Lido Advisors will continue to remain independent companies.

Operating as a Registered Investment Advisor (RIA), IDB Lido Wealth is the first institutional partnership of its kind for both companies and will broaden their ongoing fiduciary commitment to provide leading financing offerings. The joint venture will offer Lido's portfolio management strategy, specifically its innovative real estate and hedging strategies, to the Bank's domestic and international high-net-worth clientele.

"We are very excited about the future of our strategic partnership with Lido Advisors, as we continue to bring forward industry-leading solutions to meet the growing and diverse needs of our clients. Now that we are ready to operate together, our banking suite of offerings will be enhanced with superior wealth management products and services thanks to Lido Advisors' expertise. Already, we have seen meaningful client interest across multiple opportunities that we look forward to nurturing as part of IDB's long-term growth strategy," said IDB President & CEO Ziv Biron.

Karan Kanapathipillai has been appointed as CEO of IDB Lido Wealth and will lead the new entity. Karan brings over 20 years of leadership experience in Private Banking and Wealth Management. Prior to this, he was part of IDB's Private Banking leadership team and led the formation of the strategic partnership with Lido Advisors. Karan previously worked at JP Morgan for five years in Asset and Wealth Management; he also brings several years of experience in management consulting, including over 10 years with Ernst & Young.

The following advisory team of experts will also lead IDB Lido Wealth, which will primarily offer its services in the NY tri-state, California and Florida regions:

Jason Ozur CPA*, Chairman, IDB Lido Wealth & CEO, Lido Advisors
Ken Stern CFP, Senior Managing Director, IDB Lido Wealth & President, Lido Advisors
Robert Marton, CFP^Ⓡ, CIMA^Ⓡ; Senior Managing Director, IDB Lido Wealth, Florida & Tri-state Regional Manager
Stuart Katz, JD; Senior Managing Director, IDB Lido Wealth, California Regional Manager
Jason Blumberg, Managing Director, IDB Lido Wealth, California Region
Mark Ordona, CFA, CMT; Director, IDB Lido Wealth, Tri-state Region

"Lido Advisors is excited to join forces with IDB Bank. This collaboration will further bring Lido's valued offering to IDB's client base and facilitates the Lido Advisors vision to establish ourselves as a leader in the wealth management arena," said Jason Ozur, Chairman of IDB Lido Wealth & CEO of Lido Advisors.

"As IDB Bank and Lido Advisors' relationship progressed, it has cemented our initial reaction that this corporate teaming makes perfect sense," added Ken Stern CFP, Senior Managing Director, IDB Lido Wealth; and President, Lido Advisors. "With this partnership, IDB Lido Wealth can provide IDB clients with an integrated and seamless approach to investment and wealth advisory strategies that complements the banking solutions they currently enjoy."

About Israel Discount Bank of New York ("IDBNY" or "IDB Bank")

IDB Bank is a New-York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading Banks. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida and the tristate area, including branch locations in Brooklyn, N.Y, Staten Island, N.Y and Short Hills, N.J. The Bank provides a complete range of private banking and commercial banking services to U.S and international clients.

For 70 years IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.

About Lido Advisors

Lido Advisors is a nationally recognized wealth advisory firm headquartered in Los Angeles, California, with over $12 billion in assets under management and 28 offices across the United States. The firm embraces an active approach to asset management focused on risk mitigation and access to alternative, core, and tactical investment strategies. Lido provides a family office experience to its clients with a deep commitment to personalized, comprehensive wealth planning and access to affiliated professionals providing bespoke tax, estate, and legacy solutions. Lido is focused on creating an innovative, high-touch client experience and becoming its clients' financial life partner. For more information, please visit www.lidoadvisors.com.

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