Beacon Trust Co. of Madison, N.J., said it has acquired Clear Asset Management Inc. of New York.
The tax-free stock transaction was completed last week. The price was not disclosed.
Marc Paley will remain the president and chief executive of Beacon, which now has $1 billion of assets under management and advisement. Fred Fraenkel, Clear's chairman, was named vice chairman of Beacon and the chairman of its investment policy committee.
Andrew Corn, Clear's founder and CEO joined Beacon as an executive vice president and chief investment officer of equities.
Beacon said it has filed an application to open a branch in New York to house part of the investment team.
