Perigon Wealth Management, a $9.3 billion San Francisco-based registered investment advisor, has acquired Gitterman Wealth Management and Gitterman Asset Management, Edison, N.J.-based sister firms managing $1.3 billion in client assets.
Merchant has been a minority investor in Gitterman since 2019. Diffractive Managers Group, the asset management platform of 1251 Capital Group, took a minority stake in the firm in 2022. It’s unknown whether Merchant and Diffractive have exited as a result.
Once closed, the deal will bring Perigon’s total assets under management to about $10.6 billion.
Gitterman partners Jeffrey Gitterman and Eli Rauch join Perigon as managing directors.
The six-person wealth management team serves individual investors, as well as college and university professionals via the New Jersey Alternate Benefit Program (ABP) and the Public Employee Retirement System.
The firms also specialize in sustainable investing, with a focus on climate adaptation and resilience. Gitterman founded the firm in 2000, the same year Rauch joined the firm as an advisor. In 2015, Gitterman shifted the firm’s focus towards climate after co-creating the firm’s SMART Investing Solutions, a suite of global climate-aware allocation strategies.
Rauch, who began his career in the banking sector, focuses on high-net-worth individuals, small business owners, foundations and endowments.
“Perigon’s strength and reputation in impact investing made our decision to join this team easy and will allow our team to continue to enhance our asset management strategy for our individual and institutional clients,” Gitterman said in a statement.
“Perigon’s growth strategy is rooted in partnering with firms and individuals who align with our culture and add tangible value for clients,” CEO Arthur Ambarik said in a statement. “We are expanding thoughtfully, with the conviction that growth and principles go hand in hand. Jeff and Eli share this perspective, and I look forward to working with them to strengthen both our profession and the communities we serve.”
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