Banyan Partners, headquartered in Palm Beach Gardens, Florida, and Silver Bridge Advisors, an 80 year old boutique wealth management firm based in Boston, today announced the signing of a definitive agreement in which Banyan will acquire Silver Bridge. The combined organization will be known as Banyan Partners and become a national, independent wealth management firm in the U.S. with significant internal investment strategies, a deep open architecture platform and approximately $3.4 billion in assets under management. Financial terms of the deal were not disclosed.
At the close of the transaction, Banyan will have 8 offices located around the U.S. -including its first in the West coast- and 70 employees. Key members of the Silver Bridge management team will become principals and assume senior roles at Banyan including R. Thomas Manning, Jr. who will assume the role of Chief Investment Officer for the combined organization. Michael Blackmon , Banyan's current Chief Investment Officer, will become Executive Director of Portfolio Management and lead a team of 22 portfolio managers.
"Banyan is the optimal partner," said Tom Manning , CEO and CIO of Silver Bridge. "Our shared passion for providing custom investment solutions to our clients makes this combination powerful. It allows us to leverage the deep investment expertise of both organizations and deliver a cutting edge wealth management capability. I could not be more proud to lead the combined investment team into the future and oversee total assets in excess of $4 billion."
The transaction is subject to customary closing conditions and is expected to close in August 2013.