US-based investment-advisory firm Banyan Partners has agreed to acquire a Boston-based wealth-management firm, Silver Bridge Advisors.
At the close of the transaction in August 2013, Banyan will have eight offices located around the US and 70 employees.
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According to the firm’s executives, the combined firm will be named as Banyan Partners LLC and will have approximately US$3.4 billion in assets under management (AuM).
Peter Raimondi, CEO of Banyan Partners, will stay in that position at the new firm, while Tom Manning, CEO and CIO of Silver Bridge will become CIO of the combined firm.
Michael Blackmon, Banyan’s current CIO, will become executive director of portfolio management and lead a team of 22 portfolio managers.
Raimondi said he expects the new firm to grow assets and revenue between 20% and 30% annually.
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By GlobalData"The new firm will blend Banyan’s focus on stocks and options and Silver Bridge’s focus on fixed income, in-house tax preparation and wealth management," added Raimondi.
Chief strategic officer of Banyan Partners, Scott Dell Orfano, added: "Banyan’s growth strategy is multi-faceted: to continue growth at impressive rates organically and attract synergistic businesses with skilled professionals."
The deal aims to enhance Banyan’s core investment offering and national presence as well as provide Silver Bridge additional scale to expand its wealth management and investment capabilities.
