The Colony Group, LLC, an independent, national, award-winning wealth management firm, announced an agreement for a strategic transaction with Steinberg Global Asset Management in Boca Raton, FL. The Colony Group has an office in Naples, FL, as well as 11 other offices in a total of six states. Colony will have approximately 170 financial professionals and staff and will manage approximately $9.5 billion in client assets when the transaction closes, which is expected to occur in early May, subject to customary closing conditions.
"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. I have known and admired Rich and his firm for a long time. It was a natural next step for us to come together," said Michael Nathanson, Chairman and CEO of The Colony Group.
Steinberg Global Asset Management (SGAM), co-founded in 1993 by Richard Steinberg, CFA, and his father, Norman Steinberg, is known for its customized investment strategies; experienced, dedicated portfolio management team; and close relationships with the clients they serve. SGAM's investment expertise complements and deepens Colony's already robust investment process and team. SGAM currently manages approximately $1 billion for its clients.
Richard Steinberg's investment expertise and commentary are sought after by the media. He is a frequent guest on CNBC and the Nightly Business Report and is often quoted in the media. Upon completion of the transaction, he will become Colony's Chief Market Strategist, Co-Chair of its investment division and a member of its Executive Team and Investment Committee.
"Colony was a natural fit for our firm and our clients, and I believe they make us better than before. 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," said Steinberg.
The Colony Group has received distinguished financial industry awards over many years. They have been recognized by Barron's, both as a Top Independent Advisor from 2009 to 2017 and as a Barron's Top 40 RIA firm in 2018. Colony was also the 2018 Trailblazer IMPACT Award™ Winner and the 2010 Best-In-Business IMPACT Award™ Winner. Colony is one of only two firms to ever win two IMPACT Awards™, part of Charles Schwab & Co., Inc.'s IMPACT Awards™ program. The firm is committed to diversity and one of its principals was named to InvestmentNews' Women to Watch list in 2018.*
Colchester Partners, a Boston-based M&A advisory firm, advised Steinberg on the transaction.
About The Colony Group, LLC
The Colony Group is an independent, fee-only financial advisory firm with locations in Massachusetts, New York, Virginia, Florida, Colorado, and Maryland. Founded in 1986, they provide high-net-worth individuals and families, corporate executives and entrepreneurs, professionals, athletes, institutions, businesses and non-profit organizations with deep expertise that goes beyond investment management and can encompass tax, estate, retirement, and philanthropic planning, asset allocation, and cash and risk management.
