Two New York firms, family office Bender Lane Advisory (BLA) and investment advisor, Hugh Johnson Advisors (HJA), have agreed to merge operations.

BLA is a multi-family office tending to UHNW families. The firm was set up in 2002 and has a headcount of 22.

Established in 2005, HJA serves individuals and non-profit organisations. The business employs 12 people.

The combined group will manage around $1.8bn in assets.

Headquartered in Albany, the merged entity will trade as JNB Advisors (JNB).

HJA founder Hugh Johnson will assume the chairman and CIO at JNB.

Commenting on the deal, Hugh Johnson noted: “It is increasingly important that organisations are able to provide high-level, sophisticated financial planning to families of means while offering carefully developed asset management services using the best and lowest cost vehicles un-conflicted by a need to sell products.

“Our clients will benefit from this combination of strengths, and that’s what counts.”

BLA founder Dan Rutnik and HJA CEO Dan Nolan will become co-presidents at the merged group.

All associates and principals of the two firms will be retained.

“The combination of our two firms will provide a unique range of advisory services and investment capabilities that are sought after by a growing number of wealthy families, individual investors and non-profit organisations,” Nolan said.