Carnegie Investment Counsel Buys $1.3B Connecticut RIA 

Carnegie Investment Counsel, a $5 billion Ohio-based registered investment advisor, has acquired Eagle Ridge Investment Management, a Stamford, CT-based RIA with $1.3 billion in assets under management. 

The acquisition, which became effective on February 4, grows the firm’s assets and personnel (an additional 14 employees will join the firm) by over 25%, according to Carnegie. Under the terms of the deal, Eagle Ridge’s leadership and full staff will remain in place.  

Carnegie emphasized that maintaining operational consistency will be a key priority as the two RIAs begin their integration. David Laidlaw, managing partner and portfolio manager for Eagle Ridge explained that the deal emerged as his firm sought to expand its resources and enhance the client experience. 

“The experience and capabilities coming from the Eagle Ridge team will be a valuable asset as we foster our continued growth and expand our reach to new markets across the Northeast,” explained Richard Alt, CEO and Principal for Carnegie. 

Berkshire Global Advisors served as financial advisor, and Alston & Bird acted as legal counsel to Eagle Ridge Investment Management in the transaction. Carnegie Investment Counsel was advised by Schneider Smeltz Spieth Bell LLP as legal counsel.