The New York wealth management firm Brundage, Story & Rose is selling two of its three units to rival Bessemer Trust Co. and the third to Donaldson, Lufkin & Jenrette Inc.
Financial terms of the deals, which would erase the name of 68-year-old Brundage from Wall Street, were not disclosed.
Its purchase of the private-client and institutional equity groups would boost assets under management at New York-based Bessemer by $4.5 billion, to $37.5 billion, and its client base by 61%, to 2,100. The deal was announced Friday.
DLJ, also of New York, is buying Brundage's institutional fixed-income division in a deal announced Wednesday.
Beesemer president and chief executive officer Donald J. Herrema said his company's deal with Brundage, which was announced Friday, will help both parties.
This "combination," he said in a press release, "means that as the Brundage clients join Bessemer, they will continue to enjoy the benefits of their current relationships while participating in a greater array of investment options and financial planning services."
In the same release, Francis S. Branin, managing director and CEO of Brundage, said the "merging of our complementary cultures" will ensure that clients continue to get private attention on top of "broad access" to Bessemer's trust, tax, estate planning, and custody services. He also cited the buyer's wide selection of investment offerings including small-cap, mid-cap, international equities, and alternative investments.
Though the deals would bring an end to the Brundage name, they would not constitute liquidation, Mr. Branin said. Rather, the company is making a concerted effort to focus on high-net-worth clients, he said.
Bessemer began an online trading services venture in March with Donaldson Lufkin's DLJdirect unit and is investing in Glynn Capital Management, a Silicon Valley firm.
The Glynn investment adds an emerging-growth asset allocation option to Bessemer's menu of services, Mr. Herrema said.