Summit Financial Holdings, has bought a minority stake in New Jersey-based Signet Financial Management, a registered investment advisor, which oversees $1.2 billion in assets under management. 

Signet Financial, founded in 1988, is led by principals Eugene Yashin, Steve Tuttle, and Shawn Hirsch, and provides “comprehensive” financial planning and investment management to high-net-worth clients. 

The firm, which joined Summit Financial in February, has offices in Virginia, and Florida, and has 17 members currently in Summit’s New Jersey office, a Summit spokesperson confirmed to Connect Money. 

Signet Financial, which is backed by Merchant Investment Management, since February 2021, is part of the Summit’s Growth Partners initiative. 

Following the acquisition, Signet Financial will retain its leadership and team members and will gain access to Summit’s platform, which includes broader wealth management services, investment strategies, and tax specialists, the firm said. 

Additionally, Summit will be integrating Signet’s tools into its technology platform, including Holistico, an artificial intelligence tool for investment research and portfolio workflows. 

“We are thrilled to join Summit to take our firm to the next level,” said Eugene Yashin, CEO, CIO and co-founder, of Signet Financial. “Our collaboration enables us to further enhance our top-tier service offerings, helping us meet the evolving needs of clients who rely on Signet to help them achieve their financial and life goals.” 

In December, Summit Financial purchased a minority investment stake in Rhode Island-based Ivy Wealth Management, which oversees about $500 million in total client assets. 

Since 2019, Summit Financial has been backed by serial RIA investor Merchant Investment Management. Last January, Summit Financial announced that Merchant took a majority stake in the firm. 

Summit Financial’s manages about $24 billion in assets under management, about 60% of which came through mergers and acquisitions, according to the firm.