Investment manager

Colony Group agrees to acquire investment manager with $ 2.8 billion in assets under management

The Colony Group, a national wealth management and corporate company based in Boston, has announced the acquisition of New Providence Asset Management LP.

New Providence, a New York-based investment advisory firm, managed $ 2.8 billion in client assets at the end of March, according to the company’s ADV filing.

As of March 31, Colony had $ 13 billion in regulatory assets under management, the company said in a press release. Following the conclusion of the merger and acquisition agreement, Colony will have a total of 16 offices nationwide and over 275 team members.

Financial details of the transaction were not disclosed. It is expected to close on or around August 1, the statement said.

Colony President Michael Nathanson said the transaction would benefit New Providence institutional clients with additional services and support, and high net worth clients with a full range of family office and wealth management services, while being mutually beneficial for Colony. .

“New Providence’s Director of Outsourced Investments (OCIO) solution for foundations and endowments significantly strengthens our current institutional practice,” Nathanson said in a prepared statement. “In addition, their unique investment capabilities, including their expertise with private funds, will broaden the opportunities we offer our family office clients.”

New Providence President John Vogelstein founded his company in 2003 to serve the investment needs of institutions, foundations, endowments, family offices and high net worth individuals. This assignment will continue after the merger and acquisition agreement is concluded, but New Providence’s management team will assume new titles and functions, the statement said.

Following the merger of the two companies, John Vogelstein will serve as Colony’s Vice President Emeritus; his company’s CEO, Andrew Vogelstein, will join Colony’s leadership team and serve as president of institutional advisory services; and Pier Friend, IT director of New Providence, will join Colony as IT director of the company’s institutional advisory services, according to the statement.

John Vogelstein said his company’s deal to merge with Colony came after much deliberation and due diligence.

“Joining Colony is a natural and logical next step in our evolution,” John Vogelstein said in the press release. “We have spent a lot of time envisioning a strategic partner that we believe would enhance our ability to serve our institutional clients as well as our family office clients, and we believe we have found this ideal partner in Colony. “

To read more stories, click here

Source link