Hilton Capital Buys Minority Stake in New Century Advisors

Hilton Capital Management has acquired a strategic, non-controlling minority stake in New Century Advisors, uniting two investment managers with approximately $7.7 billion in combined assets under management while leaving both firms as separate registered investment advisers.

Financial terms were not disclosed. Hilton Capital, an operating company of Rafferty Holdings, reported roughly $3.6 billion in assets under management as of Aug. 31, 2026. New Century Advisors (NCA), based in Chevy Chase, Maryland, held approximately $4.1 billion.

The deal gives Hilton Capital exposure to NCA's institutional fixed-income, inflation-sensitive and small-cap equity capabilities — three areas that complement its existing lineup. Together the firms manage strategies spanning fixed income, equities and alternatives.

"Through this investment, we are excited to back NCA's disciplined, active investment approach with the broader distribution, operational support and business resources that Hilton Capital can provide," said Jeffrey Seeley, CEO of Hilton Capital.

What stays the same at NCA?

Plenty. New Century Advisors will remain majority woman-owned and employee-owned after the transaction. It will continue operating under its existing leadership, and its investment team retains responsibility for portfolio management and investment decisions.

NCA is led by founder, CEO and co-chief investment officer Ellen Safir and co-chief investment officer Nils Overdahl. The investment leadership also includes Chief Economist Claudia Sahm, Senior Portfolio Manager Eric Patlovich and Chief Compliance Officer Thomas Hines.

"This partnership allows us to build on NCA's established investment approach while gaining access to additional resources that can support our long-term development," Safir said. "Our investment team will continue to make decisions, guided by our investment philosophy, disciplined portfolio construction and commitment to the institutions and families we serve."

Each firm will keep managing its own advisory activities and client accounts as separate registered investment advisers.

Who are the two firms?

Founded in 2002, New Century Advisors specializes in traditional fixed income, inflation-sensitive investments and small-cap equities, delivered through separately managed accounts. The company said its investment team has followed the same underlying philosophy and process since its founding.

Hilton Capital, founded in 2001 and based in Garden City, New York, manages income and growth strategies using macroeconomic analysis, security selection and independent investment teams. Its parent, Rafferty Holdings, runs businesses and investments spanning asset management, financial technology, venture capital and real estate.

Rafferty Holdings CEO Michael Rafferty framed the deal as part of a broader buildout. "Collaborating with NCA advances our plans to build out Hilton Capital's asset management platform and brings together complementary investment expertise and a shared commitment to serving our respective clients," Rafferty said.

Rafferty Holdings also owns Direxion Investments, which reported approximately $55 billion in assets under management as of Aug. 31, 2026, plus Raff Ventures and Rafferty Real Estate.

What does the deal change in practice?

For Hilton Capital, the minority structure delivers new investment capabilities without full integration or control of NCA's investment process. For NCA, the partnership opens access to Hilton Capital's distribution, operational and business resources as it pursues longer-term growth.

What remains unknown is equally notable. Neither firm disclosed:

• the percentage of NCA acquired by Hilton Capital;
• the value of the investment;
• specific distribution or product initiatives expected from the partnership.

The transaction signals how mid-sized asset managers are pursuing scale through minority stakes rather than mergers — buying distribution reach and product breadth while preserving the target firm's ownership structure and investment autonomy. Whether the Rafferty platform adds more such stakes as it builds out Hilton Capital's asset management business is the question competitors will watch next.