Beacon Trust unit buying N.Y. advisory firm

By Eric Strauss
Morristown | Jan 22, 2019 at 12:39 pm

Beacon Investment Advisory Services, a unit of Morristown-based wealth management firm Beacon Trust Co., has agreed to acquire New York-based investment adviser Tirschwell & Loewy Inc., it announced Tuesday.

The agreement gives Beacon Trust a presence in New York City. Financial terms were not dislosed.

After the deal is completed, the New York firm will be known as Tirschwell Loewy & Friedner Investments, a division of Beacon Trust. Jeffrey Loewy and Howard Friedner will continue to manage its investment strategy, Beacon said.

“We are thrilled to have the clients and employees of Tirschwell & Loewy join Beacon Trust,” Beacon’s president, Valerie Murray, said in a prepared statement. “For over 40 years, Tirschwell & Loewy has successfully deployed a solid investment approach through all types of markets, and has maintained an unwavering commitment to helping its clients achieve their financial goals. The combination of our two firms will allow us to provide enhanced wealth management offerings to Tirschwell & Loewy’s clients and expand Beacon’s footprint into the New York City market.”

The deal is expected to close during the second quarter, subject to customary conditions and approvals. Tirschwell & Loewy has approximately $750 million in assets under management, so its addition will give Beacon approximately $3 billion in assets under management.

Keefe, Bruyette & Woods was Beacon Trust’s financial adviser, while Morgan, Lewis & Bockius LLP was its legal counsel. Park Sutton Advisors LLC was Tirschwell & Loewy’s financial adviser, while BakerHostetler was its legal counsel.

Beacon is a wholly owned subsidiary of Jersey City-based Provident Bank.

Eric Strauss | estrauss@roi-nj.com | acerimrat