Citizens Financial Group has agreed to purchase certain assets and liabilities of Paladin Advisors, a registered investment advisor in Kensington, New Hampshire.
The deal, announced Thursday, is the latest effort by the Providence, Rhode Island-based company to bulk up in wealth management. Financial terms were not disclosed.
“This acquisition will strengthen our wealth management business, as we gain additional reach and Paladin’s fresh asset allocation investment strategy, which complements our established approach,” Chris Weyrauch, head of Citizens Wealth Management, said in a press release.
Paladin serves both individual and institutional clients, offering investment management, investment strategy development and research services, according to its website.
Paladin CEO Karen Parker Feld said in the press release that the tie-up with Citizens would allow the New Hampshire firm to bring additional services to its clients.
Citizens, which has $192.1 billion of assets, operates in 14 states, including New Hampshire, where it has more than 50 branches, plus the District of Columbia. Citizens said that the deal strengthens its presence in what it described as an important geographic area, while also bringing new investment capabilities to its private wealth team.
The deal is expected to close in the third quarter, according to Citizens, which said that Paladin would become part of the bank’s Clarfeld | Citizens Private Wealth division.
Though the Providence, Rhode Island, bank is in the midst of three deals, CEO Bruce Van Saun said it remains on the lookout for other nonbank purchases that could help boost fee income and generate cross-selling opportunities.
A few years ago Citizens
“We’ve made no secret that we’re seeking other wealth platforms,” Van Saun said in an interview at the time.
Wealth management is just one prong in Citizens’ recent strategy to acquire nonbanks. Such deals last year included the bank’s purchase of the capital markets firm
Earlier this year, Citizens also closed its acquisitions of
