Merchant Investment Management has acquired a minority stake in independent financial advisory firm Signet Financial.
Financial terms of the transaction were not revealed.
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Established in 1988, Signet specialises in integrated wealth management and investment management.
Additionally, the firm provides a range of multifactor strategies that looks to deliver capital appreciation, income, and risk management.
It also offers investment consultation and strategies for 401(k), 403(b), and SEP plans, as well as endowments, and foundations among other things.
With offices in Florida, New Jersey, North Carolina and Virginia, Signet currently has $850m in AUM.
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By GlobalDataThe investment by drive Merchant will enable the firm to enhance experience for HNW clients and accelerate its long-term growth strategy, including expansion plans.
Commenting on the development, Signet CEO Eugene Yashin said: “Merchant has a proven record of improving growth and efficiency with partner firms, as well as helping to facilitate acquisitions of smaller advisers.
“We could not have found a better partner than Merchant to help Signet execute on our growth plans, particularly in regard to attracting breakaway advisers, while we continue to focus on best serving our clients in an ever-evolving environment.”
The partnership with Merchant is also expected to help Signet expand its offerings and bolster its internal firm-wide resources in the future.
It will also enable the firm to support its partners through Merchant’s network of partners.
Merchant head of enterprise growth strategies Jon Geller said: “Our partnership will ensure that Signet is well equipped to continually invest in its business, provide its advisers with leading-edge tools and access to our own network, and offer comprehensive, personalised advice to clients throughout all phases of their lives.”
Recent deals by Merchant
New York-based Merchant has made several investments in the last year.
Last December, the company invested in Miracle Mile Advisors, a Los Angeles-based independent investment advisory business, to support the latter’s growth plans.
It followed the company’s purchase of a minority equity stake in Massachusetts-based independent wealth advisory business Baldwin Brothers and a minority, non-controlling stake in California-based wealth advisory firm Corient Capital Partners.
In the beginning of last year, Merchant Investment Management wrapped up the acquisition of a minority stake in the Wealth Advisor Growth Network (WAGN).
