F.L.Putnam Buys 3 RIAs, Expands Eastcoast Footprint

F.L.Putnam Investment Management Co. announced it has acquired three independent registered investment advisors (RIAs) that will bring in more than $1.25 billion in assets under management, 10 advisors and new offices in Western New York and Cape Cod, MA.

The additions include $950 million Amherst, NY-based Arbor Capital Management Corp., $150 million Mashpee, MA-based Four Ponds Financial Planning LLC, and $170 million NYC-based Ascension Asset Management LLC.

Financial terms of the transactions, which closed on June 30, 2024, were not disclosed.

Lynnfield, MA-based F.L.Putnam Investment Management now has more than $10 billion in assets under advisement and $7.9 billion in assets under management, 2,500 clients, nine offices, and over 120 employees across 15 states.

“F.L.Putnam has become an attractive destination for successful RIAs to accelerate their growth and scale their businesses as we can add complementary services and solutions they do not currently offer today,” said Tom Manning, CEO of F.L.Putnam.

Founded by president and CEO Lawrence McGowan and CIO Gerald Cole in 1995, the seven-person team at Arbor Capital Management provides investment management services to more than 250 high-net-worth individuals, family businesses, and institutions.

Four Ponds Financial Planning is an independent RIA founded in 2007 by David McPherson. In addition to its Massachusetts operations, the firm has four-person team in Charleston, SC. The firm provides financial planning and investment services to private clients.

Ascension Asset Management is an independent RIA that provides portfolio management services to high-net-worth investors, trusts, and foundations. The firm was founded in 2004 by Grenville Gooder, Jr. and serves clients in New York and Ohio.