New Providence Asset Management to Join The Colony Group
BOSTON, July 1, 2021 /PRNewswire/ -- The Colony Group, a national, award-winning financial advisory, wealth, and business management firm that manages over $13 billion in regulatory assets under management as of March 31, 2021, announced an agreement for a strategic transaction with New Providence Asset Management, based in New York, NY. Colony will have 16 offices nationally with over 275 team members upon the closing of the transaction, which is expected on August 1, subject to customary closing conditions.
“We are honored to be joined by visionaries like John Vogelstein, Andrew Vogelstein, and Pier Friend, as well as the deep and talented team they have been building in a key market for us,” said Michael Nathanson, Chair and CEO of The Colony Group. “New Providence’s Outsourced Chief Investment Officer (“OCIO”) solution for foundations and endowments substantially bolsters our current institutional practice. In addition, their unique investment capabilities, including their expertise with private funds, will broaden the opportunities we offer our family office clients.”
New Providence was founded in 2003 by John Vogelstein, who serves as the firm’s Chairman, and is currently run by a team led by CEO Andrew Vogelstein and CIO Pier Friend. The firm was created as an OCIO firm for institutions, foundations, endowments, family offices, and ultra-high-net-worth individuals. New Providence’s offering and capabilities will further enhance and complement Colony’s institutional investment team. Colony will provide New Providence’s institutional clients with additional services and support, and its ultra-high-net-worth clients with a full suite of family office and wealth management services. John Vogelstein will serve as Colony’s Vice-Chair Emeritus, Andrew Vogelstein will join Colony’s executive team and serve as President of Colony’s Institutional Advisory Services, and Pier Friend will serve as Chief Investment Officer of Colony’s Institutional Advisory Services.
“We founded New Providence almost 18 years ago to apply our investment experience and acumen to build an independent firm dedicated to providing the services of a full-time investment office to select families, foundations, and endowments. Joining Colony is a natural and logical next step in our evolution,” shared John Vogelstein. Andrew Vogelstein continued, “We spent a significant amount of time considering a strategic partner we believed would improve our capability to serve our institutional clients as well as our family office clients, and we believe we have found that ideal partner in Colony.”
Colony and its team members have received distinguished financial industry awards over many years. They have been recognized by Barron’s, both as a Top Independent Advisor from 2009 to 2017 and as a Barron’s Top RIA Firm from 2018 to 2020. Colony was also recognized by InvestmentNews on its list of Best Places to Work in 2021, 2019, and 2018.
About The Colony Group, LLC
The Colony Group, LLC (“Colony”) is an independent, fee-only wealth and business management firm registered with the Securities and Exchange Commission (“SEC”) with locations in California, Colorado, Connecticut, Florida, Maryland, Massachusetts, New Hampshire, New York and Virginia. Registration with the SEC does not imply a certain level of skill or training and does not imply that the SEC has endorsed or approved the qualifications of Colony or its representatives. With origins dating back to 1986, Colony provides individuals and families, executives, business owners, entrepreneurs, athletes and entertainers, institutions and non-profit organizations with deep expertise that goes beyond investment management and can encompass tax, estate, retirement and philanthropic planning, asset allocation and sustainable investing solutions, family office services, business management services, divorce and dispute resolution services, and life-enrichment services through Curated by ColonyTM.
Award and Recognition Disclosures:
Barron’s criteria for Top 40 RIA Firm (2018-2020) – Barron’s ranks independent advisory firms weighing dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, and the regulatory records of the advisors and firms. The Barron’s Top Independent Advisor list included Colony’s CEO, and the list criteria included advisor’s assets under management, contribution to the firm’s revenues and profits, and quality of service.
InvestmentNews Top 75 Best Places to Work (2021, 2019, and 2018) – Award recipients must be a registered investment adviser or affiliated independent broker-dealer; be in business a minimum of one year; and have at least 15 employees. Information is gathered from the advisor regarding employee benefits and policies, and employees confidentially answer a survey regarding employee engagement and satisfaction.
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SOURCE The Colony Group