Beacon Investment Advisory Services, part of New Jersey-based investment manager Beacon Trust Company, has agreed to buy New York-based investment advisory business Tirschwell & Loewy.
Tirschwell, set up in 1977, tends to individuals, families, endowments, foundations, retirement accounts as well as institutions.
The transaction adds around $750m in assets to Beacon’s portfolio, increasing its total assets under management to nearly $3bn.
Post deal completion, the acquired entity will operate under the name Tirschwell Loewy & Friedner Investments, a division of Beacon Trust.
The responsibility to manage its investment strategy will be retained by Tirschwell president and CEO Jeffrey Loewy along with Howard Friedner.
Beacon Trust president Valerie Murray said: “We are thrilled to have the clients and employees of Tirschwell & Loewy join Beacon Trust. For over 40 years, Tirschwell & Loewy has successfully deployed a solid investment approach through all types of markets and has maintained an unwavering commitment to helping its clients achieve their financial goals.
“The combination of our two firms will allow us to provide enhanced wealth management offerings to Tirschwell & Loewy’s clients and expand Beacon’s footprint into the New York City market.”
The deal, whose financial terms were not revealed, is slated to be completed in the second quarter of this year.