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July 2, 2021

Peapack-Gladstone finalises acquisition of Princeton Portfolio Strategies

By Verdict Staff

Peapack-Gladstone Financial has finalised the previously announced acquisition of New Jersey-based Princeton Portfolio Strategies Group (PPSG).

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The acquisition, the eighth for the firm in the last six years, brings an additional $520m in assets under management (AUM).

PPSG provides wealth management services and customised portfolio management solutions to individuals and institutions.

The firm will be part of Peapack Private, the bank’s wealth management division.

The addition of PPSG is said to enhance Peapack Private’s overall delivery of wealth management and customised portfolio management solutions.

Peapack Private president John Babcock said: “The PPSG team is solid, highly-skilled and experienced, and a complete complement to our services and solutions.”

PPSG team is expected move to Peapack Private’s existing Princeton location at Carnegie Center in the third or fourth quarter of the year.

While announcing the deal in May this year, Peapack-Gladstone said the purchase will immediately accretive to its earnings.

At the time, Babcock said: “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.”

The firm was advised by Park Sutton Advisors on this transaction.

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.

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

In 2018, the company acquired New Jersey-based Lassus Wherley & Associates, which offers fee-only wealth management services for individuals, families, trusts, estates and charitable organisations.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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