F.L. Putnam Investment Management Company has secured a strategic minority investment from Bixby Wealth Solutions, an arm of Austin, Texas-based Moontower Group backed by Carlyle's Global Credit business.
The deal, announced July 29, 2026, is designed to accelerate the national growth strategy of the $11 billion AUM registered investment advisor without altering its existing ownership structure or leadership. Financial terms were not disclosed.
FLP's chief executive officer, Tom Manning, will remain at the helm, and the firm's more than 165 employees, spread across 14 offices nationwide, will continue to hold a significant minority equity stake in the business.
The transaction marks the end of FLP's four-year partnership with Emigrant Partners, which Manning acknowledged in a statement released alongside the announcement.
Bixby's minority interest approach reflects a growing segment of the M&A market: firms that provide growth capital to established independent wealth managers while allowing those firms to retain their brand, culture, and leadership.
Russell Valdez, managing partner and founder of Moontower Group, highlighted FLP's culture and client focus as central to the investment rationale. "We are excited to support the next chapter of FLP's growth by helping the firm continue to attract outstanding talent, pursue strategic opportunities, and invest in the capabilities that will position FLP for long-term success," Valdez said.
The capital will be directed toward three stated priorities: technology investment, advisor recruitment, and geographic expansion into new markets. FLP has been actively growing through acquisition.
The firm recently acquired Seascape Capital Management in New Hampshire and Arcadia Investment Management Corporation in Michigan, and the Bixby investment is intended to support continued inorganic growth alongside those organic efforts.
Manning framed the move as enabling FLP to keep pace with advisor demand while staying true to its client-service roots. "This strategic investment positions FLP for our next phase of growth," he said. "Partnering with Bixby provides us additional flexibility to invest in our people, technology, and capabilities while pursuing selective opportunities to expand into new markets and welcome like-minded advisors to the firm."
The involvement of Carlyle's Global Credit business as backer of Bixby adds institutional heft to the partnership. As one of the world's largest alternative asset managers its interest in the independent wealth management space signals continued private capital appetite for the sector.
FLP, which serves individuals, family offices, endowments, and foundations, has operated for more than 40 years and positions its value proposition around personalized, long-term advice. Manning noted the importance of continuity: "Most importantly, it enables us to continue delivering the thoughtful, personalized advice our clients have trusted for more than 40 years."
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