The strategic minority stake is in a business that oversees $6 billion in client assets.

Emigrant Partners, the private investment arm of Emigrant Bank, has made a strategic minority investment in F.L.Putnam Investment Management, an independent registered investment advisor based in Wellesley, Massachusetts.

The financial terms of the deal were not disclosed.

F.L.Putnam, which dates back to 1983, looks after $6.0 billion in assets ($4.2 billion in assets under management and $1.8 billion in assets under advisement as of November 30, 2022) for more than 1,200 clients across the US.

The firm, which provides a suite of investment advisory, proprietary investment management, and consulting services to high net worth and institutional clients, has deep industry experience in alternative and sustainable investing. FL Putnam employs 83 individuals across six offices from New York to Maine. It serves clients from its offices in Maine, Massachusetts, New Hampshire, New York, and Rhode Island.

As for Emigrant Partners, it is partnered with 20 firms overseeing about $94 billion in aggregate assets under management/advisement.