Spouting Rock Asset Management has agreed to purchase New York-based investment management firm Stewart Asset Management for an undisclosed amount.

The transaction is scheduled to complete by the end of this month.

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The current Stewart investment team, including chairman Bill Stewart, will move to Spouting Rock as part of the deal.

Bill Stewart said: “We’re pleased to join Spouting Rock as we look to expand our distribution among investors, institutions and financial advisers.

“We will retain the Stewart Asset Management brand name as we enter this new phase and the investment team will remain intact with Tom Valenzuela as chief investment officer, a role he also held at W.P. Stewart.”

Stewart intends to deliver long-term capital appreciation via a concentrated portfolio of US growth equities.

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In addition to offering separately managed accounts in the US as well as Canada, the firm provides a UCITS fund to investors outside the US. 

The firm, established in 2014 after AllianceBernstein’s purchase of W.P. Stewart & Co, aims to grow clients’ capital by two-fold on average every five years.

Spouting Rock CEO Marc Brookman said: “We are impressed with the firm’s strong conviction in the power of compounding and its research-driven investment process. The team will serve as a strong complement to our rapidly-growing platform of boutique managers.”

A multi-boutique manager based in the US, Spouting Rock offers traditional, alternative, and thematic investment solutions.

In May this year, British responsible investment management firm Alquity reached a strategic alliance with Spouting Rock, with the latter investing in Alquity.

Earlier in 2022,  Spouting Rock agreed to pick majority stake in alternative asset manager Old Hill Partners.