Two New York firms, family office Bender Lane Advisory (BLA) and investment advisor, Hugh Johnson Advisors (HJA), have agreed to merge operations.

BLA is a multi-family office tending to UHNW families. The firm was set up in 2002 and has a headcount of 22.

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Established in 2005, HJA serves individuals and non-profit organisations. The business employs 12 people.

The combined group will manage around $1.8bn in assets.

Headquartered in Albany, the merged entity will trade as JNB Advisors (JNB).

HJA founder Hugh Johnson will assume the chairman and CIO at JNB.

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Commenting on the deal, Hugh Johnson noted: “It is increasingly important that organisations are able to provide high-level, sophisticated financial planning to families of means while offering carefully developed asset management services using the best and lowest cost vehicles un-conflicted by a need to sell products.

“Our clients will benefit from this combination of strengths, and that’s what counts.”

BLA founder Dan Rutnik and HJA CEO Dan Nolan will become co-presidents at the merged group.

All associates and principals of the two firms will be retained.

“The combination of our two firms will provide a unique range of advisory services and investment capabilities that are sought after by a growing number of wealthy families, individual investors and non-profit organisations,” Nolan said.