Peapack-Gladstone Financial Corporation, parent company of Peapack-Gladstone Bank, is to acquire New Jersey-based Murphy Capital Management (MCM).
After up front transaction costs, the purchase will be immediately accretive to earnings.
Doug Kennedy, president and chief executive officer of Peapack-Gladstone Bank, says: “We have found what we feel is the perfect match with MCM and are thrilled this leader in the wealth management space, that shares our geography, will partner with us by joining our private wealth management team.”
Founded in 1983 by John J. Murphy, MCM adheres to a sophisticated and objective method to creating wealth and providing the proper asset allocation and risk evaluation for clients who seek a personal and long-term financial relationship. MCM has approximately USD850 million in assets under management.
“MCM’s advice-led business model is consistent with the vision of Peapack-Gladstone Bank and the commitment we have to providing objective, relationship-driven solutions that help individuals create a legacy by building, protecting and transitioning their wealth to future generations,” says John P Babcock, president of private wealth management at Peapack-Gladstone Bank. “John and his experienced partners will greatly add to our current investment team and we look forward to harnessing our combined expertise for the benefit of our clients.”
MCM offers a full suite of objective wealth management solutions, custom-tailored for high net worth individuals, businesses, corporations and not-for-profit organisations. The firm offers expertise in setting asset allocation parameters, risk optimisation, growth variables, income generation, and hedging strategies; managing joint, taxable, IRA and 401(k) rollovers, charitable remainder trusts and family trusts.
John J. Murphy, MCM founder and managing partner, says: “We consider it a privilege to help our clients achieve their goals. We have, and always will, place our client’s welfare above all else, with integrity and objectivity at the foundation of each relationship. I believe Peapack-Gladstone Bank has that same mentality. Uniting our firms will enhance two already best-in-class, solutions-based organisations.”
With a current market value of approximately USD3.8 billion under management and administration, the private wealth management division of Peapack-Gladstone Bank is one of the largest New Jersey-based trust company and asset managers, with offices in Bedminster, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, Delaware.
Park Sutton Advisors served as financial adviser and McElroy, Deutsch, Mulvaney & Carpenter served as legal counsel to Peapack-Gladstone Bank on this transaction.