Peapack-Gladstone Financial Corporation, the parent company of Peapack-Gladstone Bank, is to acquire Quadrant Capital Management, a boutique wealth management firm that offers sophisticated financial planning, investment, tax, retirement and insurance advice and services to its clients.
Quadrant currently has over USD400 million in client assets under management.
After up front transaction costs, Peapack-Gladston anticipates that the purchase will be immediately accretive to earnings. The transaction is expected to close in the fourth quarter of 2017.
“Quadrant and Peapack-Gladstone Bank are both committed to helping clients manage their wealth, plan for the future, navigate risk and provide for future generations,” says John P Babcock, President of Private Wealth Management at Peapack-Gladstone Bank. “Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes.
Fundamentally our philosophies are the same, and we are excited to be able to attract this team of professionals to be part of the Peapack-Gladstone Bank’s growing wealth management organisation.”
