F.L. Putnam Investment Management Company (FL Putnam) has acquired Salem Capital Management for an undisclosed amount.

The acquisition was closed on 30 June 2022.

Massachusetts-based Salem Capital is a registered investment adviser catering to high-net-worth families, individuals, and small institutions.

F.L. Putnam CEO Tom Manning said: “The Salem Capital team has a tremendous amount of investment and advisory experience, and we are excited to welcome them to our team.

“Together we are able to expand the services available to the clients of both firms, including offering F.L. Putnam clients a new equity value separate-account strategy focused on large cap value equities that complements our other investment management strategies and capabilities.”

Following the acquisition, Salem Capital co-founder Hal Rubin and president Kim Ratcliffe have joined F.L. Putnam as investment advisers. They are based in the firm’s Lynnfield office which has a team of 16 employees.

Rubin said: “Kim and I are excited about joining forces with a firm that has the versatility that F.L. Putnam has and is known for delivering high-value services on behalf of its clients.

“The clients we serve at Salem Capital will absolutely benefit from our two firms coming together, and we expect this acquisition to provide advantages to FL Putnam clients as well.”

The deal marks F.L. Putnam’s third acquisition since 2019. The firm snapped up alternative investment research and advisory firm Atrato Advisors last year and financial planning firm Financial Focus in 2019.

It currently has offices in Maine, Massachusetts, New Hampshire, New York, and Rhode Island.