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RIA Summit Financial scoops up private bank’s wealth management assets

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Registered investment adviser Summit Financial Holdings said on Monday it intended to acquire $5.1 billion in wealth management assets from a private bank, Fieldpoint Private.

Once the deal closes, Summit Financial will manage about $12 billion in client assets, according to a statement from the companies. Fieldpoint Private will remain a private bank, and, as part of the new transaction, will offer its banking capabilities through the Summit adviser platform.

Merchant Investment Management, an investor in Summit Financial since 2018, will also participating in the acquisition of Fieldpoint Private’s wealth management assets. Terms of the deal were not disclosed.

“It is clear that private banking has become more integral to the overall wealth offering,” Mark Spilker, executive chairman of Merchant, said in a statement. “Deposits, credit and trust services are all key components of a family’s financial plan and experience. Now with Fieldpoint as a partner, Summit is well positioned to deliver on this promise.”

It was the second sizable deal to be announced on Monday; two West Coast registered investment advisers, Laird Norton Wealth Management and Wetherby Asset Management, said earlier that they had merged, creating a new firm with $15 billion in client assets.

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