Peapack-Gladstone Financial Corp. is expected to buy a Fairfield boutique financial firm by the end of the year.
Quadrant, founded in 2001 by former JP Morgan employees Jeff Fisher and Jim Kearney, has more than $400 million in client assets under management.
“Quadrant has a high-quality team of professionals with a deep understanding of the investment management and financial planning processes,” said John P. Babcock, president of Private Wealth Management at Peapack-Gladstone Bank. “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 organization.”
In a joint statement, Fisher and Kearney said that “this combination enhances Quadrant’s ability to meet client needs through access to trust and banking services, while assuring our clients of long-term continuity in the management of their financial affairs.”
Peapack-Gladstone Bank’s Private Wealth Management division is one of the largest in the state, worth about $4.7 billion.
The Fairfield location will complement Peapack-Gladstone’s presence in the state.