Merchant Investment Management, a New York-based private partnership that provides growth capital and resources to independent financial services companies, has taken an undisclosed minority stake in Summit Investment Advisory Services, a Roseville, Minnesota-based registered investment advisory firm managing $490 million.
Summit, which has been in business for more than 30 years, services clients in Minnesota, Wisconsin and Florida.
The investment from Merchant will support Summit's specialized retirement planning offering, the firm said.
“With 10,000 Americans turning 65 every day and retirements growing longer, there is a real need for quality financial planning and retirement income strategies,” Rob Schimmel, managing director at Merchant, said in the announcement. “The comprehensive service offering and expertise of the Summit team deliver a personalized financial partnership for clients and their families.”
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