The Bank of New York Co. has signed a definitive agreement to acquire Beacon Fiduciary Advisors, the company announced last week. Beacon is a privately held asset management firm. The terms of the agreement were not disclosed.
Beacon manages more than $700 million in assets for approximately 350 high-net-worth investors in equity and balanced accounts, as well as trusts. In addition, the firm also offers estate services.
"Our acquisition of Beacon Fiduciary Advisors further affirms our commitment to the private client services business in New England," said Newton Merrill, senior executive VP of the Bank of New York.
According to Beacon president Fredrick Schultz, the acquisition will give Beacon an opportunity to take advantage of the Bank of New York's investment research staff, financial products and technical support. "We believe that this union will provide our clients with an added expertise that would otherwise be unavailable to a firm of our size," Schultz said.