FL Putnam Investment Management Company has purchased Arcadia Investment Management Corporation, a registered investment adviser in Kalamazoo, Michigan, overseeing more than $670m in assets.
The transaction marks FL Putnam’s first purchase in the Midwest and establishes its first office in the region.
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Arcadia, set up in 1987, works with high-net-worth clients and families as well as endowments and foundations.
Its leadership team includes president Michael L. Mueller, vice-president and treasurer Jerry B. Love and chief compliance officer Dorsey M. Martin.
Michael Mueller commented: “We are excited to begin this new chapter with Tom and his team. FLP shares our commitment to client service and investing, and this combination positions us well for continued growth.”
Jerry Love added: “We are confident in this partnership and the new services it offers our clients. We remain focused on delivering the high standard of service our clients expect, now as part of the FLP family.”
Arcadia’s team of six, including wealth adviser Charles J. Ybema, has moved to FL Putnam following the acquisition.
FL Putnam is an independent registered investment adviser based in Lynnfield, Massachusetts.
It works with individuals, single and multi-family offices, endowments, foundations, and other wealth managers, and offers investment, financial planning, trust, and family office services.
The company has operated nationally for more than 40 years.
FLP CEO Tom Manning said: “Our partnership with Arcadia is a pivotal moment in FLP’s growth. Gaining a physical presence in the Midwest, a market with tremendous opportunity, led by a seasoned team of investment professionals, strengthens our platform significantly. With assets under management now surpassing $10 billion, we are well-positioned to deliver exceptional value to clients across the country.”
