Financial Services Firm Acquires New Jersey Wealth Manager

Robbie Lawther

2 August 2017

Peapack-Gladstone Financial Corporation, the parent company of Peapack-Gladstone Bank, has completed the acquisition of New Jersey-based Murphy Capital Management, SEC registered investment advisor, effective August 1.

John Murphy, founder of MCM, will continue as president of Murphy Capital Management. Senior portfolio managers Peter Lewis, Joe Kwok and Cameron Murphy will continue in their roles at MCM as senior managing directors, the firm said in a statement.

The financial settlement of the deal was not disclosed.

This is the second wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015. The bank’s private wealth management division is based in Grenville, Delaware.

"We are happy to have found a like-minded organization, with experienced and talented employees, that fits well into our wealth management business model," said John Babcock, president of private wealth management at Peapack-Gladstone Bank. "John and his team have built a wealth management firm with an excellent reputation and a longstanding vision of providing highly personalized money management service and advice to high net worth families, individuals and not-for-profit entities. Uniting our firms allows us to continue offering best in class service, advice and solutions to our combined clients."

Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $4.17 billion as of June 30, 2017.