Provident Financial to buy New York wealth management firm
Provident Financial Services in Jersey City, N.J., has agreed to buy a wealth management firm in New York.
The $9.7 billion-asset Provident said in a press release Tuesday that Beacon Trust, an investment adviser unit, will purchase Tirschwell & Loewy. Provident did not disclose the price it will pay.
The deal is expected to close in the second quarter.
Tirschwell & Loewy, founded in 1977, provides asset management services to individuals, families, endowments, foundations, retirement accounts and institutions. The firm has about $750 million in assets under management.
Beacon Trust has $2.2 billion in assets under management.
The investment firm will be rebranded as Tirschwell Loewy & Friedner Investments after the deal closes. Jeffrey Loewy and Howard Friedner will continue to manage the firm’s investment strategy.
“For over 40 years, Tirschwell & Loewy has successfully deployed a solid investment approach through all types of markets and has maintained an unwavering commitment to helping its clients achieve their financial goals,” Valerie Murray, president of Beacon Trust, said in the release. “The combination of our two firms will allow us to … expand Beacon’s footprint into the New York City market.”
Keefe, Bruyette & Woods and Morgan, Lewis & Bockius advised Beacon Trust. Park Sutton Advisors and BakerHostetler advised Tirschwell & Loewy.