Simon Quick Advisors, a Morristown, New Jersey-based registered investment adviser, has acquired Red Hook Management, an RIA managing $420 million that is also based in Morristown.
Red Hook has three advisers, who are joining Simon Quick; the combined entity will have 68 employees and manage approximately $5 billion.
The driver for the deal was the requirements of running a fiduciary wealth management firm. Mark DeLotto, a Simon Quick managing partner, noted in a statement that his firm can deliver "a platform for organic growth" while providing solutions for firms' "technological, operational and succession issues.”
The 25-year industry veteran previously in charge of the Wall Street bank's advisor recruitment efforts is now fulfilling a similar role at a rival firm.
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