Beacon Trust Co. of Madison, N.J., announced today it has acquired New York-based Clear Asset Management Inc. in a tax-free stock transaction.
The combined firm will have assets under management and advisement of roughly $1 billion and will be led by Marc Paley, Beacon Trustís chief executive and president.
Clear Asset Managementís former chairman, Fred Fraenkel, was appointed vice chairman and chairman of the investment policy committee for the combined entity, which will use the name Beacon Trust Co.
The founder of Clear Asset Management, Andrew Corn, will join Beacon as executive vice president and chief investment officer for equities.
The merger will expand Beaconís offerings to include five of Clear Asset Managementís long-only portfolios and two investment partnerships with hedging strategies.
ďThe addition of Clear Asset Managementís team and products will greatly enhance our high-touch service franchise and position the firm for growth,Ē Mr. Paley said in a statement.
Beacon also announced it has also filed an application to open a New York branch in an effort to expand its client reach and to house part of the new investment team.
A Beacon spokesman did not immediately return a call seeking the terms of the transaction.