Peapack-Gladstone Financial in Bedminster, N.J., is set to buy its second wealth management firm this year.
The $4.2 billion-asset company said in a press release Thursday that it agreed to acquire Quadrant Capital Management, a Fairfield, N.J., boutique wealth management firm. Quadrant’s geographic location offers “an ideal location to complement the bank’s wealth management presence,” it said.
Peapack’s private wealth management division has about $4.7 billion of assets under management. It bought Murphy Capital Management, a wealth management firm in Gladstone, N.J., in July.
The deal is expected to be immediately accretive to earnings, after upfront transaction costs. Peapack did not disclose the price of the deal, which is expected to close in the fourth quarter.
Quadrant, founded in 2001, offers financial planning, investment, tax, retirement and insurance advice and services. It has $400 million in assets under management.
“Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes,” John Babcock, Peapack’s president of private wealth management, said in a press release. “Fundamentally our philosophies are the same, and we are excited to be able to attract this team of professionals to be part of the Peapack-Gladstone Bank’s growing wealth management organization.”
Park Sutton Advisors and McElroy, Deutsch, Mulvaney & Carpenter advised Peapack.