The New Jersey-based firm has announced that it is buying an ultra high net worth wealth management firm for an undisclosed sum.

Peapack-Gladstone Bank is to acquire the Morristown, NJ-based ultra high net worth firm Wealth Management Consultants, in a move that solidifies its presence in the New York Metropolitan area. Terms of the deal were not disclosed.

Established in 1998 by Tom Ross, Wealth Management Consultants has particular expertise in advising senior corporate executive clients on retirement plan, stock option, deferred compensation and employment contract issues.

Prior to establishing WMC, Ross was a partner at Coopers & Lybrand, leading the personal financial services practice in the New York Metropolitan area, as well as serving on the firm's national PFS steering committee and founding its RIA subsidiary.

The firm told Family Wealth Report 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.

With nearly $3 billion under management and administration as at end-December 2014, Peapack-Gladstone Bank's wealth unit is one of the largest New Jersey-based asset managers, with offices in Bedminster, Morristown, Princeton and Teaneck, as well as a trust office in Greenville, DE.