FLPutnam Investment Management acquired three independent RIAs collectively with a total of $1.25 billion in assets under management, pushing its assets under advisement to over $10 billion.
Additions include Arbor Capital Management Corp., a $950 million AUM firm based in Amherst, NY, as well as Mashpee, Mass.-based Four Ponds Financial Planning and New York's Ascension Asset Management, with $150 million and $170 million. managed assets, respectively.
The trio of deals will bring 10 new advisors to FLPutnam and add new offices in Western New York and Cape Cod, Mass. CEO. Tom Manning said advisers at the three firms had “built solid businesses with strong reputations” in their markets.
“FL Putnam has become an attractive destination for successful RIAs to accelerate their growth and scale their businesses as we can add complementary services and solutions that they do not currently offer today,” said Manning.
President CEO Lawrence McGowan and Chief Investment Officer Gerald Cole founded Arbor Capital Management Corp in 1995. The seven-person team provides investment management services to more than 250 high net worth individuals and businesses. The team works with clients in Amherst, Mass., and South Florida.
David McPherrson founded Four Ponds Financial Planning in 2007. It has a total of four advisors working in Charleston, SC, in addition to its base of operations in Massachusetts.
Grenville Gooder Jr. established Ascension Asset Management in 2004. It provides portfolio management services to HNW investors, trusts and foundations. According to SEC data, Gooder was censured and fined $50,000 in 2019 for violating the Advisers Act. The commission alleged, among other things, that Gooder falsely claimed his firm did not safeguard client assets and named someone as the firm's chief compliance officer who never held accountable.
The deals were closed on June 30. In addition to increasing assets, the acquisitions bring FLPutnam to approximately 2,500 clients in nine offices and more than 120 employees in 15 states. The deal will grow the firm to approximately $7.9 billion in AUM.
Earlier this year, FLPutnam bought the Darwin Trust Company, bringing home faith services. The New Hampshire-based company was founded in 2019 by John Gosselin, an attorney, and Melissa Sommer. The firm works with about 110 high-net-worth clients from Arlington, Mass., and Nashua, N.H. Darwin retained its name after the deal, with Sommer continuing as acting principal.