The Bank of New York (BNY) today signed a definitive agreement to acquire Beacon Fiduciary Advisors, a privately held asset management firm based in Chestnut Hill, Massachusetts. Terms were not disclosed.
Beacon Fiduciary Advisors (Beacon) manages in excess of $700 million for over 350 high-net-worth individuals in the United States. A registered investment advisor founded in 1990, Beacon manages equity and balanced accounts using a “growth at a reasonable price strategy” as well as offering a range of trust and estate services.
Newton P. S. Merrill, senior executive vice president at BNY, said, “Our acquisition of Beacon Fiduciary Advisors further affirms our commitment to the private client services business in New England, and we are extremely pleased that an organization with the fine reputation and investment track record of Beacon has agreed to become a part of BNY. We look forward to the opportunity to offer BNY Asset Management’s full array of services to Beacon’s current and prospective clients.”
Fredrick W. Schultz III, president of Beacon, said, “Our affiliation with The Bank of New York will enable us to draw upon its 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.”