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