Wealth management firm Beacon Trust Company has entered into an agreement to acquire investment advisory firm The MDE Group and its partner Acertus Capital Management.
Subject to regulatory approval, the transaction is expected to close in the second quarter of 2015.
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Following the acquisition, the combined company will have approximately $2.5bn in assets under management.
Financial terms of the deal were not disclosed.
Beacon’s president James Nesci, said: "This transaction will serve to significantly expand our wealth management business throughout New Jersey, as well as in Florida and New York, all of which will continue to be overseen from our offices in Morris County, New Jersey and Suffolk County, New York.
"This in-market expansion of our wealth management business continues our focus on serving our clients’ financial needs. We also look forward to introducing Beacon’s clients to MDE’s sophisticated array of wealth management solutions," added Nesci.
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