F.L.Putnam Investment Management acquired three independent RIAs collectively totaling $1.25 billion in managed assets, pushing its assets under advisement above $10 billion.
The additions include Arbor Capital Management Corp., a $950 million AUM firm based out of Amherst, N.Y., as well as the Mashpee, Mass.-based Four Ponds Financial Planning and New York City’s Ascension Asset Management, with $150 million and $170 million in managed assets, respectively.
The trio of deals will bring 10 new advisors to F.L.Putnam and add new offices in Western New York and Cape Cod, Mass. CEO Tom Manning said the advisors at the three firms had “built solid businesses with strong reputations” in their markets.
“F.L. Putnam has become an attractive destination for successful RIAs to accelerate their growth and scale their businesses as we can add complementary services and solutions they do not currently offer today,” Manning said.
President CEO Lawrence McGowan and Chief Investment Officer Gerald Cole founded Arbor Capital Management Corp in 1995. The seven-person team offers investment management services to more than 250 high-net-worth individuals and businesses. The team works with clients in Amherst, Mass., and South Florida.
David McPherrson founded Four Ponds Financial Planning in 2007. It has four advisors total working in Charleston, S.C., in addition to its base of operations in Massachusetts.
Grenville Gooder Jr. created Ascension Asset Management in 2004. It provides portfolio management services to HNW investors, trusts and foundations. According to SEC records, Gooder was censured and fined $50,000 in 2019 for violating the Advisers Act. The commission alleged, among other things, that Gooder falsely claimed his firm didn’t custody client assets and named someone as the firm’s chief compliance officer who never held the responsibility.
The deals closed on June 30. In addition to the asset boosts, the acquisitions bring F.L.Putnam to approximately 2,500 clients across nine offices and more than 120 employees across 15 states. The deal will boost the firm to roughly $7.9 billion in AUM.
Earlier this year, F.L.Putnam bought Darwin Trust Company, bringing trust services in-house. The New Hampshire-based company was founded in 2019 by John Gosselin, an attorney, and Melissa Sommer. The firm works with approximately 110 wealthy clients out of Arlington, Mass., and Nashua, N.H. Darwin kept its name after the deal, with Sommer continuing as acting manager.