Peapack-Gladstone Financial, the parent of Peapack-Gladstone Bank, has concluded the acquisition of New Jersey-based Murphy Capital Management for an undisclosed sum.
The combined entity will manage around $4.7bn in client assets and have offices in Bedminster, Gladstone, Morristown, Princeton and Teaneck, alongside a trust office in Greenville, Delaware.
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The takeover represents the second wealth management deal made by Peapack-Gladstone since 2015.
Murphy Capital founder John Murphy will retain his role of president at the company. Senior portfolio managers Peter Lewis, Joe Kwok and Cameron Murphy will also retain their existing positions of senior managing directors at Murphy Capital.
Peapack-Gladstone Bank president of private wealth management John Babcock said: “John and his team have built a wealth management firm with an excellent reputation and a longstanding vision of providing highly personalized money management service and advice to high net worth families, individuals and not-for-profit entities. Uniting our firms allows us to continue offering best in class service, advice and solutions to our combined clients.”
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