A unit of Provident Financial Services in Jersey City, N.J., has agreed to buy an investment adviser.
The $8.4 billion-asset Provident said in a press release Monday that its Beacon Trust Co. would buy MDE Group and its affiliate Acertus Capital Management for an undisclosed amount. Beacon and MBE are both based in Morristown, N.J.
"We're excited about this opportunity to add the talented wealth advisers, financial planners and tax professionals who have made MDE a recognized market leader since its founding in 1987," James Nesci, Beacon's president, said in the release. "This transaction will serve to significantly expand our wealth management business throughout New Jersey, as well as in Florida and New York."
Beacon will have about $2.5 billion in assets under management when the deal closes. The acquisition is expected to be completed in the second quarter.
Sandler O'Neill was Beacon's financial adviser; Luse Gorman Pomerenk & Schick served as legal counsel. Morgan, Lewis & Bockius was legal counsel for MDE, while Park Sutton Advisors served as financial adviser.