F.L.Putnam Wins Bixby Minority Investment for $11 Billion RIA as Emigrant Exits
Updated
Updated · Wealth Management · Jul 28
F.L.Putnam Wins Bixby Minority Investment for $11 Billion RIA as Emigrant Exits
3 articles · Updated · Wealth Management · Jul 28
Summary
F.L.Putnam, which manages more than $11 billion, secured a new minority investment from Bixby Wealth Solutions, replacing Emigrant Partners as its outside backer while CEO Tom Manning and employees keep majority control.
The firm said the capital will fund its next growth phase, giving it more flexibility to invest in people, technology and capabilities while pursuing selective expansion into new markets and advisor recruiting.
Since Emigrant bought in during 2022, when F.L.Putnam had about $6 billion in assets, the RIA has nearly doubled in size through organic growth and acquisitions, including July's $500 million Seascape Capital Management deal.
Bixby, a Moontower Group arm backed by Carlyle's Global Credit business, is investing as private-equity-backed RIAs dominate sector consolidation; Echelon said they completed 91 of 120 second-quarter deals, or 75.8%.