Seelaus Asset Administration, a Summit, NJ-based registered funding advisor, acquired Sterling Wealth Advisors, an RIA primarily based in Crimson Financial institution. The deal may increase the agency’s whole belongings underneath administration to $425 million.
Seelaus makes a speciality of portfolio administration, and Ben Seelaus, the agency's COO, believed the acquisition of Sterling, which serves high-net-worth people and households, will assist Seelaus higher handle portfolios of company mortgage-backed securities. Lee Sterling, Cliff Sterling and Dave Mangone, all principals at Sterling, will turn into portfolio managers at Seelaus because of the acquisition, and can work part-time out of Crimson Financial institution, Seelaus informed WealthManagement.com.
The deal is Seelaus' second acquisition; the agency acquired Sunnymeath Asset Administration in 2017, which was additionally primarily based in Crimson Financial institution. Seelaus stated that the Sunnmymeath acquisition helped Seelaus make clear what it could search for future acquisitions.
“We had been happy with the dimensions it introduced us, the experience and extra outreach within the New Jersey space,” he stated, although he famous there have been variations between the offers. “Sunnymeath was searching for a succession plan and (Sterling is) trying to be a part of a platform and construct scale collectively.”
In in search of their second acquisition, Seelaus stated it was not sure that it could be in Crimson Financial institution, however buying Sterling supplied a possibility to construct upon the inspiration of their first acquisition of Sunnymeath.
“Given the power of our footprint in Summit, once we noticed the possibility to solidify our footprint in Crimson Financial institution…it was one thing that incentivized us as a enterprise to pursue the acquisition with somewhat extra vitality," Seelaus stated.
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