Spouting Rock Asset Management, a Bryn Mawr, Pennsylvania-based multi-boutique firm managing $356 million, has agreed to acquire Stewart Asset Management, a New York-based firm managing $251 million.
The deal, terms of which were not disclosed, is expected to close by the end of the year.
Founded by Chairman Bill Stewart in 2014 following the acquisition of his W.P. Stewart & Co. by AllianceBernstein, Stewart Asset Management followed the concentrated growth investment strategy of its founder.
Following the acquisition, the existing Stewart investment team, including Bill Stewart, will join Spouting Rock, the firm said in a press release.
AI-driven job fears are weighing on retirement confidence, especially among Gen Z and Millennials, Thrivent survey finds
It’s the second time in as many years regulators have penalized Centaurus Financial for lack of compliance with Reg BI.
AI Teammate is embedded within Wells Fargo’s Advisor Gateway desktop platform.
Elsewhere, Ameriprise added a $470 million Wells team in New York, while an ex-Morgan Stanley advisor bolsters UBS' Austin, Texas office.
Financial advisors play an essential role in helping small business owners navigate their transition out of the company — and into retirement.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
