Peapack-Gladstone Financial has signed a deal to acquire New Jersey-based Princeton Portfolio Strategies Group (PPSG) for an unknown sum.

The transaction, subject to regulatory approvals, is expected to close in the third quarter of 2021.

PPSG, which has an AUM of approximately $550m, provides wealth management services and customised portfolio management solutions to individuals and institutions.

The unit will be integrated into Peapack Private, the wealth management division of the company, upon completion of the acquisition.

As part of this, PPSG partners Carlton Savoye, Suzanne Twitchell, Bill Hamill, Alan Moucha, and John Capodici, along with other employees will join Peapack Private.

Peapack-Gladstone said the purchase will be immediately accretive to its earnings.

Commenting on the deal, Peapack Private Wealth Management president John Babcock said: “With a private banking office already located at Carnegie Center in Princeton, we were able to establish a quick and easy connection with PPSG.

“Combining the high-quality professionals from PPSG with our existing Princeton team is a win-win for both organisations and will allow us to accelerate our growth in this highly desirable market.”

Peapack Private is a key trust company and wealth manager in New Jersey. The unit has a market value of approximately $9.4bn of assets under administration at the end of march 2021.

The latest purchase marks the company’s eighth acquisition since 2015.

In July 2019, Peapack-Gladstone Financial acquired Point View Wealth Management.

In 2018, the company  acquired New Jersey-based Lassus Wherley & Associates for an unknown sum.