Banyan Partners, a Florida-based wealth management firm, has agreed to acquire Texas-based Rushmore Investment Advisors and Wisconsin-based Holt-Smith Advisors.
The two companies have combined assets under advisement of approximately US$1 billion, 400 clients, complementary businesses and over four decades of experience managing the investment needs of high-net-worth individuals and families as well as institutions.
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The terms of the deals were not disclosed. The transactions are subject to customary closing conditions and are expected to close in October 2013.
The two new firms will operate under the Banyan Partners name. John Vann, chief executive of Rushmore, and Marilyn Holt-Smith, chief executive of her eponymous firm, will become partners of Banyan.
Peter Raimondi, Banyan’s founder and chief executive, said: "Both firms are money managers that have verified performance under the Global Investment Performance Standards, which should help Banyan add institutional clients.
"Rushmore and Holt-Smith provide us a defined institutional platform, an in-house international investment capability and a team of highly skilled portfolio managers located throughout the central US, another critical market for us," Raimondi added.
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By GlobalDataRaimondi said Holt-Smith was purchased for cash, and the Rushmore deal was part cash and part equity.
The two acquisitions are being financed from capital raised last January from Temperance Partners, a private-investment firm that took a minority stake in Banyan.
Banyan currently has 85 employees in 10 locations around the US.
