Merchant Investment Management, a New York-based private equity firm, has taken a minority stake in Signet Financial Management, a Parsippany, New Jersey-based registered investment advisory firm managing $850 million.
Terms of the deal, Merchant’s first this year, were not disclosed.
The investment will help Signet continue its efforts to grow, which focus on attracting breakaways, the firm’s CEO, Eugene Yashin, said in a release.
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