The $5 billion RIA Carnegie Investment Counsel is adding the Stamford, Conn.-based Eagle Ridge Investment Management, which manages $1.3 billion in client assets. The deal will grow Carnegie’s AUM and employee number by more than 25%.
The acquisition of Eagle Ridge was effective this week. According to the deal, Eagle Ridge’s leadership and 14-person staff will all be retained. Carnegie CEO and Principal Richard Alt said the deal would help the firm expand its reach “to new markets across the Northeast.”
“Growth has always been essential to our success, and this acquisition represents an exciting next step in our firm’s development,” Alt said.
Carnegie is a fee-only firm with offices in Cincinnati, Cleveland, Los Angeles, Philadelphia and Toledo, Ohio, among other locations. According to its website, it was founded as Carnegie Capital Asset Management Company as part of Prescott Ball & Turban.
The firm advised on money market and fixed-income mutual funds before becoming an RIA in 1991. Later on, the firm disbanded its mutual funds and rebranded as Carnegie Investment Counsel under new ownership in 2009. It now works with private families, nonprofits, foundations and 401(k) plan sponsors.
In late 2023, Carnegie shuffled its executives, bringing on Joe Spidaleri as chief operating officer while promoting Alt to CEO from chief investment officer, a role he’d held since 2007. Spidaleri succeeded Gary Wagner, who was appointed president at the same time.
According to Carnegie, Berkshire Global Advisors and Alston & Bird acted as Eagle Ridge’s financial advisor and legal counsel, respectively. Schneider Smeltz Spieth Bell LLP acted as Carnegie’s legal counsel.
