The two advisory firms partner to expand services and deliver targeted investment solutions.

Carnegie Investment Counsel, a Cleveland-based Registered Investment Advisor (RIA) managing about $5 billion in assets, has acquired Eagle Ridge Investment Management, an advisory firm based in Stamford, Connecticut.

The acquisition, effective February 4, 2025, grows the firm’s assets under management and personnel by over 25 per cent, bringing in an additional $1.3 billion in AuM and integrating 14 experienced employees. Under the terms of the deal, Eagle Ridge’s leadership and full staff will remain in place.

“Growth has always been essential to our success, and this acquisition represents an exciting next step in our firm’s development. The experience and capabilities coming from the Eagle Ridge team will be a valuable asset as we foster our continued growth and expand our reach to new markets across the Northeast,” Richard Alt, CEO and principal of Carnegie, said in a statement.

The acquisition will enhance Carnegie’s presence in the greater New York metropolitan market.

“By joining forces with the premier team at Carnegie, we’re able to grow our resources and offerings to better serve those clients while maintaining the high-touch, personalized approach they have come to expect. Carnegie’s reputation for client service and accountability is in natural alignment with our mission, and we look forward to partnering with their established team,” David Laidlaw, managing partner and portfolio manager for Eagle Ridge, added.

Berkshire Global Advisors served as financial advisor, and Alston & Bird acted as legal counsel to Eagle Ridge Investment Management in the transaction. Carnegie Investment Counsel was advised by Schneider Smeltz Spieth Bell as legal counsel.