Seller Details:
Eagle Ridge Investment Management is a SEC registered investment advisory firm founded in 2008. The firm manages portfolios for individuals and families, institutions, trustees, attorneys and investment advisors. Eagle Ridge is based in Stamford, Connecticut.
Buyer Details:
Carnegie Investment Counsel, whose parent company was founded by Prescott, Ball & Turben, has been serving investors since 1974. Carnegie is a federally registered investment adviser under the Investment Advisers Act of 1940. They are a provider of personalized financial guidance to individuals, families, nonprofits and business owners. The company specializes in investment management, financial planning, corporate retirement plans and other related services.
Transaction Summary:
The acquisition, effective as of February 4, 2025, grows Carnegie’s AUM and personnel by over 25%, bringing in an additional $1.3 billion in AUM and integrating 14 experienced employees. The transaction will also expand Carnegie’s ability to provide top-tier wealth management services while strengthening the firm’s presence in the greater New York metropolitan market.