The Colony Group, an independent wealth management firm with offices in six states, has announced an agreement to merge with Steinberg Global Asset Management in Boca Raton, Fla., according to a news release.
After the expected close of the deal in May, Colony will have about 170 financial professionals and staff and will manage about $9.5 billion in client assets, the company said.
Steinberg manages about $1 billion in client assets.
"We are very excited to be joining forces with Rich Steinberg and his team. Like us, they have decades of experience, foster deep relationships with their clients and promote a culture of lifelong learning,’’ said Michael Nathanson, chairman and CEO of The Colony Group.
The Colony Group’s other offices are in Massachusetts, New York, Virginia, Florida, Colorado and Maryland. The wealth manager is based in Boston.
Steinberg Global Asset Management (SGAM) was co-founded in 1993 by Richard Steinberg and his father Norman Steinberg, according to the release.
Steinberg will become Colony's chief market strategist, co-chair of its investment division and a member of its executive team and investment committee upon completion of the transaction, the release noted.
“Colony's deep bench in planning compliments our expertise in portfolio management and accelerates our ability to provide additional services and advice in estate planning, family office services and tax planning for our clients," Steinberg said in the release.