Spouting Rock Asset Management, a Bryn Mawr, Pennsylvania-based multi-boutique firm managing $356 million, has agreed to acquire Stewart Asset Management, a New York-based firm managing $251 million.
The deal, terms of which were not disclosed, is expected to close by the end of the year.
Founded by Chairman Bill Stewart in 2014 following the acquisition of his W.P. Stewart & Co. by AllianceBernstein, Stewart Asset Management followed the concentrated growth investment strategy of its founder.
Following the acquisition, the existing Stewart investment team, including Bill Stewart, will join Spouting Rock, the firm said in a press release.
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