NorthStar Asset Management Group (NSAM), Colony Capital and NorthStar Realty Finance (NRF) have completed merger of their businesses, creating a single real-estate and investment management platform with $58bn in assets.

The merged entity will operate under the name Colony NorthStar.

Colony Capital CEO Richard Saltzman has been appointed as CEO of the merged group, while its founder and chairman Thomas Barrack Jr. has been appointed as executive chairman of the board of directors. NorthStar Realty chairman David Hamamoto has taken over as executive vice chairman.

“The closing of this transformative transaction represents a milestone in our collective long-term strategy of building a leading global real estate business focused on a core set of real estate verticals in addition to a top-tier institutional and retail investment management business,” Barrack, Jr. said.

The companies said that the transaction, announced in June 2016, delivers about $115m in total annual cost synergies, which include about $80m of cash savings and about $35m of stock based compensation savings.

“We couldn’t be more excited about our future prospects as we focus on recognizing the strategic benefits from combining three companies that share a singular long-term vision. Our transition planning continues to progress well and we look forward to creating a highly competitive, world-class organization that balances a creative entrepreneurial spirit with institutional best practices and risk management,” Saltzman said.