New Jersey-based Peapack-Gladstone Financial, the parent of Peapack-Gladstone Bank, has agreed to acquire Quadrant Capital Management, a local wealth management firm with over $400m in assets.
The deal, whose terms were not disclosed, is expected to be completed by the final quarter of 2017.
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Quadrant, founded by Jeff Fisher and Jim Kearney in 2001, offers financial planning, investment, tax, retirement and insurance services.
“This combination enhances Quadrant’s ability to meet client needs through access to trust and banking services, while assuring our clients of long term continuity in the management of their financial affairs,” Fisher and Kearney stated.
Peapack-Gladstone Bank president of private wealth management John Babcock said: “Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes. Fundamentally our philosophies are the same, and we are excited to be able to attract this team of professionals to be part of the Peapack-Gladstone Bank’s growing wealth management organization.”
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