US-based full-service brokerage Boenning & Scattergood has acquired Pittsburgh-based boutique asset management firm Columbus Macro for an unknown sum.
Founded in 2016, Columbus specialises in active global investing and risk management utilising multi-asset portfolios, core strategies for specific asset classes, and custom-designed portfolio solutions.
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It manages around $400m for institutions, HNW individuals and families, public pension plans, financial professionals, and government entities.
The deal will enable the firm to establish a strong presence in the institutional asset management space.
Following the transaction, Columbus Macro will become a wholly owned subsidiary of Boenning & Scattergood’s asset management unit Boenning & Scattergood Advisors (BSA).
Boenning & Scattergood president Michael Mara said: “This is a milestone moment in our company’s history and a unique opportunity to join two firms with similar visions and shared values.
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By GlobalData“The acquisition reflects Boenning’s goal to offer our advisors and clients access to a greater depth of proprietary market insights and expertise, enhanced asset management capabilities, and professionally managed portfolio solutions.”
Columbus Macro CEO Craig Columbus said: “My colleagues and I are very excited to join a firm with the tradition, talent, and capabilities of Boenning & Scattergood. I have great respect for the culture of the firm and look forward to being part of the next chapter in its rich history.”
Columbus will continue to lead the firm and assume the role of chief investment officer at BSA. He will report to asset management chief Andrew Maddaloni.
Maddaloni added: “Having someone of Craig’s caliber, reputation, and background significantly enhances the capabilities and solutions we can offer to our financial advisors and clients. It also catapults us into the institutional asset management space and creates an exciting new foundation for growth at Boenning & Scattergood.”
