F.L. Putnam Takes Minority Investment in Bixby Wealth Solutions

Registered investment adviser F.L. Putnam Investment Management has made a minority investment in Bixby Wealth Solutions, a subsidiary of private investment firm Moontower Group. 

Bixby Wealth Solutions, which is backed by Carlyle Group’s global credit business, specializes in forging strategic minority deals with independent wealth management firms. 

The RIA plans to use the capital to fund advisor development and growth and bolster its nationwide expansion. 

As part of the transaction, RIA investor Emigrant Partners, which initially invested in FLP in 2022 and then made a second investment in 2024, will exit the firm following the deal.  

Additionally, FLP’s CEO Tom Manning, and its management team will remain at the firm and will continue to hold a large minority equity stake in the business. 

Financial terms of the transaction, which closed on July 20, were not disclosed. 

“Partnering with Bixby provides us additional flexibility to invest in our people, technology, and capabilities while pursuing selective opportunities to expand into new markets and welcome like-minded advisors to the firm,” Manning said. 

Recently, F.L. Putnam acquired independent RIA Seascape Capital Management, which oversees over $500 million in assets under management, and in April, the firm also acquired Kalamazoo, MI-based Arcadia Investment Management, which manages over $670 million in total client assets. 

Massachusetts-based F.L. Putnam Investment Management manages more than $11 billion in total assets with over 165 employees across 14 offices in the country, as of July 1, the firm stated.