Peapack-Gladstone to buy fourth wealth management firm in two years

Register now

Peapack-Gladstone Financial in Bedminster, N.J., has agreed to buy the wealth management firm Lassus Wherley & Associates.

The acquisition would increase Peapack-Gladstone’s assets under management by more than $500 million, the $4.3 billion-asset company said Friday. Its wealth management division currently oversees roughly $5.6 billion of assets.

Lassus Wherley is based in New Providence, N.J., and has an office in Bonita Springs, Fla. It works with individuals, families, pension plans and others on financial planning.

Lassus Wherley would be Peapack-Gladstone’s fourth acquisition of a wealth management firm in two years.

“We continue to look for talented firms that are like-minded and built on the foundation of providing advice-led solutions, and doing the right thing,” John Babcock, president of Peapack Private Wealth Management, said in a press release. “We are looking forward to introducing Lassus Wherley as a valuable part of the Peapack Private brand.”

The Lassus Wherley deal is expected to close in the third quarter. Financial terms were not disclosed.

Park Sutton Advisors was the exclusive financial adviser to Peapack-Gladstone Bank for the transaction.

For reprint and licensing requests for this article, click here.