Merchant Investment Management has taken a minority equity stake in Massachusetts-based independent wealth advisory business Baldwin Brothers to support its expansion plans.
Financial details regarding the deal were not made public.
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Merchant head of enterprise growth strategies Jon Geller said: “Over its long history, Baldwin Brothers has continually served the evolving wealth management needs of individuals and generations of families in a comprehensive manner.
“Their approach to client relationships is built on a process that takes the time to fully understand both the clients’ financial objectives and the qualitative things that are important in their lives. We see the firm as an ideal home for both advisors and clients who want to more fully embrace this approach.”
Set up in 1974, Baldwin manages $1.2bn in assets. It offers comprehensive wealth planning services, with emphasis on ESG investing.
Pershing is a common factor for both Baldwin and Merchant, with the former relying on Pershing for custody and strategic business consulting services.
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By GlobalDataMeanwhile, also acts as a custodian for various advisory businesses supported by Merchant.
BNY Mellon | Pershing (Pershing) managing director and head of Advisor Solutions Ben Harrison said: “At a time of rapid change in the industry and in client expectations, this partnership with Merchant will afford Baldwin Brothers with the scale and resources needed to continue to enhance the client experience and accelerate growth.”
In September this year, Merchant picked a minority, non-controlling stake in California-based wealth advisory firm Corient Capital Partners.
Merchant will offer capital to support professional leadership and platform growth of Corient.
Earlier this year, Merchant took a minority stake in Wealth Advisor Growth Network (WAGN). As part of the deal, Merchant’s Matt Brinker gained a place in the advisory board of WAGN.
