Peapack-Gladstone Financial Corp. is expected to buy a Fairfield boutique financial firm by the end of the year.
Peapack-Gladstone, the Bedminster-based parent company of Peapack-Gladstone Bank, says it expects immediate earnings after the undisclosed purchase costs for Quadrant Capital Management.
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.
