The Colony Group, a national fee-only wealth and business management firm headquartered in Boston, has announced that it will acquire New Providence Asset Management LP.
New Providence, a New York City-based investment advisory company, managed $2.8 billion in client assets as of the end of March, according to the firm’s ADV filing.
As of March 31, Colony had $13 billion in regulatory assets under management, the company said in a news release. After closing on the M&A deal, Colony will have a total of 16 offices nationwide and over 275 team members.
Financial details of the transaction were not disclosed. It is expected to close on or about August 1, the release said.
Colony Chairman Michael Nathanson said that the transaction would benefit institutional clients of New Providence with additional services and support, and ultra-high-net-worth clients with a full suite of family office and wealth management services, while being mutually beneficial to Colony as well.
"New Providence's Outsourced Chief Investment Officer (OCIO) solution for foundations and endowments substantially bolsters our current institutional practice,” Nathanson said in a prepared statement. “In addition, their unique investment capabilities, including their expertise with private funds, will broaden the opportunities we offer our family office clients."
