The Colony Group, a Boston-based registered investment adviser managing $13 billion, is acquiring Derby & Co., an RIA managing $691 million in nearby Newton, Massachusetts.
The terms of the arrangement were not disclosed.
Derby & Co. was founded in 1987 by Burt Derby. His sons Mark and Jonathan will join Colony as principals and senior wealth advisers.
This is the fifth acquisition this year by Colony, a Focus Financial partner firm. The earlier deals include its purchase of $288 million Legacy Wealth Partners in Calabasas, California, which was announced in August, and its deal for $2.8 billion New Providence Asset Management in New York, which was announced in June.
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A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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