F.L.Putnam Investment Management Company is bringing trust services in-house with a deal to buy New Hampshire-chartered Darwin Trust Company.
Founded in 2019 by Attorney John Gosselin and Melissa Sommer, a CFA and CPA, Darwin serves around 110 wealthy clients from offices in Arlington, Mass., and Nashua, N.H.
Darwin will keep its name after the deal closes, and Sommer will act as managing director. All trust employees in the Arlington office will be transferred to the RIA’s Lynnfield, Mass., headquarters. Financial terms were not disclosed.
“We are pleased to have identified such an exceptional team to lead our trust business,” F.L.Putnam CEO Tom Manning shared in statement, calling the deal an “important step towards our commitment to deliver sophisticated services and solutions."
“This acquisition represents an exciting new chapter for Darwin as it allows us to leverage F.L.Putnam's extensive resources and expertise to enhance the value we deliver to our clients,” said Gosselin.
“We look forward to working alongside Tom and the team at F.L.Putnam to provide holistic solutions to meet the needs of our collective client base,” added Sommer.
F.L.Putnam has been named to WealthManagement.com’s RIA 100 list, twice, for remaining focused on client service amid industry-leading growth rates. The firm offers a menu of investment, financial planning, and family office solutions for individuals, single and multi-family offices, endowments, foundations, and other RIAs.
After growing assets by almost $2 billion over the last 12 months, F.L.Putnam manages about $6.1 billion for more than 1,800 households—including 1,058 clients with an average of $4 million invested—171 charities and 13 corporations.