Carnegie Expands with Eagle Ridge Acquisition
Deal News | Feb 07, 2025 | EIN
Carnegie Investment Counsel, a prominent Registered Investment Adviser managing approximately $5 billion in assets, has strategically expanded its operations by acquiring Eagle Ridge Investment Management, a Stamford, Connecticut-based firm. The acquisition, effective February 4th, 2025, adds an impressive $1.3 billion in assets under management and bolsters Carnegie's team with 14 additional employees. David Laidlaw from Eagle Ridge expressed enthusiasm for the merger, highlighting Carnegie's reputable client service that aligns seamlessly with Eagle Ridge's mission. This acquisition not only strengthens Carnegie's position in the New York metropolitan wealth management market but also reaffirms its commitment to growth. Notably, Berkshire Global Advisors served as the financial advisor to Eagle Ridge, with Alston & Bird providing legal counsel. Carnegie received legal advice from Schneider Smeltz Spieth Bell. Carnegie has been a steadfast player in investment management since its founding by Prescott, Ball & Turben in 1974.
Sectors
- Investment Management
- Financial Advisory
Geography
- United States – Both Carnegie Investment Counsel and Eagle Ridge Investment Management operate within the U.S., specifically expanding presence in the New York metropolitan area.
- Connecticut – Eagle Ridge Investment Management is based in Stamford, Connecticut, which is a significant factor in this acquisition.
Industry
- Investment Management – The primary focus of the article is on investment management, involving assets under management, client services, and expansion of advisory teams.
- Financial Advisory – Participants include financial advisors and legal counsel, indicating the role these services play in structuring such acquisitions.
Financials
- 1.3 billion – Additional assets under management brought in by the acquisition of Eagle Ridge.
- 5 billion – Carnegie's assets under management prior to the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Carnegie Investment Counsel | Acquirer | Company | A registered investment adviser with approximately $5bn in AUM, established in 1974, targeting expansion through this acquisition. |
| Eagle Ridge Investment Management | Target Company | Company | An investment management firm based in Stamford, Connecticut, adding $1.3bn in AUM to Carnegie. |
| David Laidlaw | Managing Partner and Portfolio Manager | Person | Managing partner at Eagle Ridge, expressing partnership enthusiasm with Carnegie. |
| Berkshire Global Advisors | Financial Advisor | Company | Provided financial advisory to Eagle Ridge for the transaction. |
| Alston & Bird | Legal Advisor | Company | Provided legal counsel to Eagle Ridge Investment Management in the acquisition. |
| Schneider Smeltz Spieth Bell | Legal Advisor | Company | Provided legal advice to Carnegie for the transaction. |