Another M&A deal in the US wealth management sector is completed.

Nasdaq-listed Peapack-Gladstone Financial Corporation, parent company of Peapack-Gladstone Bank, has completed its purchase of Fairfield, NJ-based Quadrant Capital Management. The deal creates a wealth management group with combined assets under administration of $4.8 billion, as at Sept. 30. 

Quadrant’s founders Jeff Fisher and Jim Kearney will remain as chairman and president, respectively, of the new Peapack-Gladstone Bank subsidiary, known as Quadrant Capital Management. Their entire team of employees will remain with Quadrant.

This is the third wealth management acquisition made by Peapack-Gladstone Financial Corporation since 2015, it said in a statement. 

Park Sutton Advisors provided financial advice and McElroy, Deutsch, Mulvaney & Carpenter served as legal counsel to Peapack-Gladstone Bank on this transaction.

The acquisition is the latest in a number of merger and acquisition deals reported by this news service, with almost one M&A transaction a day, and a sign of a push for consolidation and economies of scale in a sector dealing with regulations and expanding client demands. A few weeks ago, for example, Tiedemann Wealth Management, a New York-based wealth advisor with about $12 billion in assets under advisement, agreed to buy Seattle-headquartered Threshold Group, a wealth-advisory firm and family office with $3.4 billion in assets under management. To see a story about a specialist's view of M&A trends in the sector, click here.