M&A
Peapack-Gladstone Bank
The New Jersey-based bank has bought Point View Wealth Management, which has assets under management of over $300m (£239m, €266m).
The transaction is expected to close in the third quarter of 2019, subject to regulatory approval.
Founded in 1993, Point View is an independent, fee-only registered investment adviser that provides customised portfolio management and financial planning services.
Peapack Private, the wealth management division of Peapack-Gladstone Bank, has approximately $6.3bn of assets under administration at 31 March 2019.
The Point View deal will be the bank’s fifth acquisition since 2015.
MAI Capital Management (MAI)
The independent registered investment adviser has bought financial services firm John D Dovich & Associates.
The deal, which includes both wealth management and insurance services, establishes an MAI office in Cincinnati.
It also involves the launch of MAI Insurance Solutions, a new entity wholly owned by MAI, devoted to planning-based insurance services.
Founder John Dovich launched the firm in 1987 and will become regional managing director of the Cincinnati office, national head of MAI Insurance Solutions and partner of MAI.
Some 10 members of Dovich & Associates will join him at MAI, including Bill Bruns and Tom Lalley, who will both become a managing director and partner at MAI.
The deal increases MAI’s assets under management by approximately $600m.
Financial terms of the deal were not disclosed.
FWM Holdings
The parent company of multi-family offices Forbes Family Trust (FFT) and LGL Partners has acquired investment firm Optima Fund Management.
The deal will increases FFT’s access to the fund market, while offering its suite of products and services to Optima’s clients.
Optima remains an independent, wholly-owned entity of FWM Holdings and is run by Optima’s chief executive, D Dixon Boardman.
The financial terms of the transaction will not be disclosed.
Bartholomew & Co
The US wealth manager Bartholomew & Co. has acquired planning firm Newton Financial.
Terms of the deal were not disclosed.
Newton Financial owner Ronald Newton will work with Bartholomew as a consultant during the transition.
Newton’s Alabama office will be retained for the convenience of the firm’s clients and will become Bartholomew’s fourth location.
Crestwood Advisors Group
The wealth manager has merged with Connecticut-based Catamount Wealth Management.
As a result of the merger, Crestwood will now have three offices and 35 professionals managing approximately $3bn in assets on behalf of high net worth individuals and families.
Catamount was founded by Louis Albanese in 2003 and, together with Laurie Stefanowicz, manages about $300m for high net worth individuals and families.
The Catamount team will continue to operate from their existing offices in Westport, Connecticut.
The financial terms of the deal were not disclosed.
