Progressive Asset Management of Oakland, Calif., has agreed to buy the brokerage firm GunnAllen of Tampa, Fla., according to published reports.
The price of the deal was not disclosed and calls to the companies were not returned. It was not clear if the deal would include GunnAllen's broker-dealer.
Progressive markets itself as the country's first independent investment brokerage to specialize in socially responsible investing. It also controls a broker-dealer, the PAM Network, which has roughly 340 brokers in 140 offices.
Richard Torgerson, president of Progressive Asset Management, did not respond to an e-mail message. Fred Kraus, president of GunnAllen, did not return a phone call.
In December, GunnAllen's chairman, John Sykes abruptly resigned from its board, along with a number of other directors, raising questions about the company's future.
After resigning from GunnAllen, Sykes founded JHS Capital Holdings, which subsequently bought a GunnAllen unit called Pointe Capital.