Progressive Asset Management has agreed to buy brokerage firm GunnAllen, according to published press reports.
The terms of the deal weren’t disclosed and calls to the companies were not returned. It’s not clear if the acquisition will include the broker-dealer of Tampa, Fla.-based GunnAllen.
Oakland, Calif.-based Progressive markets itself as the country’s first independent investment brokerage that specializes in socially responsible investing. It also controls a broker-dealer, the PAM Network, with about 340 brokers in 140 offices.
Richard Torgerson, president of Progressive Asset Management, did not respond to an email. And Fred Kraus, president of GunnAllen, did not return a phone call.
In December, GunnAllen’s chairman, John Sykes abruptly resigned from its board, along with a number of other directors, raising questions about the future of the company. Following his resignation from GunnAllen, Sykes founded holding company JHS Capital Holdings, which subsequently bought a unit of GunnAllen called Pointe Capital.