The latest mergers, acquisitions and other corporate actions in the wealth management sector.

F L Putnam Investment Management, Bixby Wealth Solutions

F L Putnam Investment Management, a Lynnfield, Massachusetts-based registered investment advisor managing more than $11 billion in assets as of July 1, 2026, has received a minority investment from Bixby Wealth Solutions, an arm of Moontower Group.

The financial terms of the transaction were not disclosed.

FLP will continue to operate independently under its existing leadership, led by chief executive Tom Manning, and its employees will retain a significant minority equity stake in the firm. The advisor employs more than 165 people across 14 offices in the US, serving individuals, single and multi-family offices, endowments, foundations and other wealth managers.

Bixby – backed by the Global Credit Business of Carlyle (NASDAQ: CG) – specializes in taking minority stakes in independent wealth management and professional services firms, offering capital to support growth and internal equity ownership structures across generations. Moontower Group, its parent, is a private investment studio based in Austin, Texas, serving financial services and real assets businesses.

The deal marks a change in FLP's outside capital backing.

Manning said the partnership with Bixby gives FLP flexibility to invest in its people, technology and capabilities, and to pursue opportunities to expand into new markets and recruit additional advisors. He thanked the Emigrant Partners team for its support over the past four years.

Ardea Partners LP served as exclusive financial advisor to FLP on the transaction.

The transaction adds to a run of minority-stake deals in which private capital providers have taken non-controlling positions in independent RIAs, an alternative to outright acquisition.