Citizens Financial to acquire New Hampshire RIA
The bank will buy select assets and liabilities of Paladin Advisors, a Kensington, New Hampshire-based firm.
Citizens Financial Group, a Providence, Rhode Island-based bank holding company, has agreed to purchase select assets and liabilities of Paladin Advisors, a Kensington, New Hampshire-based registered investment adviser managing $291 million in 342 accounts.
Terms of the agreement were not disclosed.
The transaction is expected to close in the third quarter. Upon closing, Paladin will become part of Clarfeld|Citizens Private Wealth, the bank’s wealth management business.
“This acquisition will strengthen our wealth management business, as we gain additional reach and Paladin’s fresh asset allocation investment strategy, which complements our established approach,” Chris Weyrauch, head of Citizens Wealth Management, said in a press release Thursday.
[More: Take 5: Chris Weyrauch on Citizens’ plans to expand its presence in wealth management]
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