The latest news of merger and acquisition activity in the North American wealth management industry.

The Colony Group, the US wealth manager overseeing more than $13 billion in client money, has merged with New Providence Asset Management, a business created as an outsourced chief investment office, based in New York, NY. 

As a result of the transaction, which is subject to customary closing conditions, Colony will have 16 offices nationally with more than 275 team members.

New Providence was founded in 2003 by John Vogelstein, who serves as the firm's chairman; it is run by a team led by CEO Andrew Vogelstein and chief investment officer Pier Friend. The business was created as an OCIO firm for institutions, foundations, endowments, family offices, and ultra-high net worth individuals.

Colony will provide New Providence's institutional clients with additional services and support, and its ultra-high net worth clients with a suite of family office and wealth management services. John Vogelstein will serve as Colony's vice chair emeritus, Andrew Vogelstein will join Colony's executive team and serve as president of Colony's Institutional Advisory Services, and Pier Friend will serve as CIO of Colony's Institutional Advisory Services.

The Colony Group has locations in California, Colorado, Connecticut, Florida, Maryland, Massachusetts, New Hampshire, New York and Virginia.