The New Jersey-based firm has bought an ultra high net worth wealth management firm for an undisclosed sum.

Peapack-Gladstone Bank has completed its acquisition of Morristown, NJ-based Wealth Management Consultants.

As of the closing date of May 1 the combined assets under advisement and administration were around $3.5 billion.

WMC, led by founding principal Thomas Ross, provides financial, investment and tax planning advice to ultra high net worth individuals. The firm has particular expertise in advising senior corporate executive clients on retirement plan, stock option, deferred compensation and employment contract issues. 

Peapack-Gladstone told Family Wealth Report previously that no management changes are expected; Ross will continue as president of WMC and be named as executive vice president of wealth strategy within Peapack's private wealth management arm, which is led by John Babcock as president.