Peapack-Gladstone Financial in Bedminster, N.J., has agreed to buy Wealth Management Consultants in Morristown, N.J.

The $2.7 billion-asset Peapack-Gladstone did not disclose any financial terms for the acquisition. The company said it will incorporate the firm into its private wealth management business.

Wealth Management Consultants specializes in providing financial services to ultrahigh-net-worth individuals, including estate and income tax planning, compensation and benefit planning and investment advisory services. The firm's clients control more than $2 billion of assets.

The seller's relationship with Callan Associates in San Francisco helped make the acquisition attractive, John Babcock, president of private wealth management at Peapack-Gladstone Bank, said in the release.

Peapack-Gladstone's wealth management division has about $3 billion in assets under management and administration.

Jacob Passy is a reporter at American Banker.

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