New York, NY, May 13, 2021 – Park Sutton Advisors, LLC (“Park Sutton Advisors”) is pleased to have represented Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) on its announced acquisition of Princeton Portfolio Strategies Group, LLC (“PPSG”), a privately-owned registered investment adviser (“RIA”) with approximately $550 million in assets under management and headquartered in Princeton, New Jersey. Terms of the transaction were not disclosed.
PPSG, who will become part of Peapack Private, the wealth management division of the Bank, has been delivering wealth management services and customized portfolio management solutions to individuals and institutions since 2011. Partners Bill Hamill, Suzanne Twitchell, Carlton Savoye, Alan Moucha, and John Capodici, along with all PPSG team members, will join Peapack Private upon completion of the acquisition.
Peapack Private is one of the largest trust company and wealth managers in NJ, with a market value of approximately $9.4 billion of Assets Under Administration (AUA) at March 31, 2021. The Princeton Portfolio Strategies Group transaction will be the Bank’s eighth acquisition and/or lift-out since 2015.
“With a private banking office already located at Carnegie Center in Princeton, we were able to establish a quick and easy connection with PPSG,” said John P. Babcock, President of Peapack Private Wealth Management. He continued, “Combining the high-quality professionals from PPSG with our existing Princeton team is a win-win for both organizations and will allow us to accelerate our growth in this highly desirable market.”
Steven Levitt, Founder of Park Sutton Advisors added, “Peapack has dedicated significant resources to build out Peapack Private and we are pleased to have worked with them on six of their eight transactions. We look forward to seeing the Bank continue to grow its wealth management division with strong teams in New Jersey and the Tri-State region.”