The Colony Group, a Boston-based advisory, wealth and business management firm, has agreed to acquire Harrison, McCarthy & Co., a tax services firm based in Millburn, N.J., according to a news release.
The transaction, subject to customary closing approvals, is expected to close on November 1. Financial terms were not disclosed.
Founded in 2001 by Jeff Harrison and Kristine McCarthy, Harrison, McCarthy has expanded from an accounting and tax services practice through the years to focus on servicing physicians, medical practices and wealthy families, the release said.
Harrison, who will join Colony as principal and managing director, said they have collaborated with the Colony team over the years to deliver tax, investment management and financial planning services to clients. “When we started seeking a partner to broaden our service offering and manage the day-to-day office operations, the Colony team was a natural fit,” he said in a statement.
Colony Chairman and CEO Michael Nathanson said Colony had been looking for a sophisticated professional tax services team to complement the firm’s growing multifamily office across the N.Y. “With offices strategically located in New York City, Long Island, southern Connecticut and northern New Jersey, we are well-positioned to service clients throughout the region,” he said.
This is the third acquisition for the Colony Group this year. In August, it expanded in Southern California with the Legacy Wealth Partners, a Calabasas-based firm and in July, it announced that New Providence Asset Management LP in New York City joined the firm. The latest transaction will bring Colony’s total number of offices nationally to 18 with more than 290 team members. The firm has more than $13 billion in regulatory assets under management as of April 2021.