The deal will boost the acquirer’s core investment offering and national presence, while the same will offer Silver Bridge additional scale to expand its wealth management and investment capabilities.
Following integration, the new enterprise will be branded as Banyan Partners with $3.4bn in assets under management (AUM).
Banyan Partners JD, founder and CEO Peter J Raimondi said the deal provides an opportunity to widen its wealth management and family office capabilities, while expanding national footprint.
Upon completion of the deal, the acquirer will have eight branch offices situated around the US and 70 employees, while important members of the Silver Bridge management will become principals and assume senior roles at Banyan.
R Thomas Manning, Jr. will assume the role of chief investment officer, while Michael Blackmon, Banyan’s current chief investment officer, will become executive director of portfolio management at the combined organization.
Pending satisfying customary closing conditions, the transaction is likely to complete in August 2013.
Headquartered in Palm Beach Gardens, Florida, Banyan Partners also manages regional offices in New York City, Boston, Atlanta, Dallas-Fort Worth, Naples, and Coral Gables.
