The merger is said to boost Carnegie’s presence in Greater New York and enhance its wealth management services. Credit: Sutthiphong Chandaeng/Shutterstock.

Carnegie Investment Counsel (Carnegie), a registered investment adviser (RIA) with approximately $5bn in assets under management (AUM) as of 31 December 2024, has acquired Stamford, Connecticut-based Eagle Ridge Investment Management.

The transaction, effective as of 4 February 2025, represents an expansion for Carnegie, increasing its AUM and personnel by over 25%.

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This deal brings in an additional $1.3bn in AUM and 14 employees from the Eagle Ridge Investment Management.

Eagle Ridge managing partner and portfolio manager David Laidlaw said: “By joining forces with the premier team at Carnegie, we’re able to grow our resources and offerings to better serve those clients while maintaining the high-touch, personalized approach they have come to expect.

“Carnegie’s reputation for client service and accountability is in natural alignment with our mission, and we look forward to partnering with their established team.”

Under the terms of the deal, Eagle Ridge’s leadership and staff will continue in their roles.

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Carnegie stated that this merger strengthens its position in the greater New York metropolitan market and enhances wealth management services.

Carnegie CEO and principal Richard Alt said: “Carnegie has built a rich history of outstanding service and a commitment to developing a team of effective and experienced advisors.

“Growth has always been essential to our success, and this acquisition represents an exciting next step in our firm’s development.”

Berkshire Global Advisors acted as the financial advisor, and Alston & Bird provided legal counsel to Eagle Ridge Investment Management for the transaction. Carnegie received legal advice from Schneider Smeltz Spieth Bell.

Carnegie, founded by Prescott, Ball & Turben, has been serving investors since 1974.