F.L.Putnam eyes a slice of high-net-worth trust service pie

investmentnews.com:

F.L.Putnam is expanding its reach in New Hampshire as it scoops up a practice specializing in trust services for the high-net-worth.

The Massachusetts-based independent RIA has announced the signing of a definitive agreement to acquire Darwin Trust Co., a trust company chartered in New Hampshire, as part of its strategy to expand its wealth management services.

The transaction, for which financial details were not disclosed, will integrate comprehensive trust services into F.L.Putnam’s offerings and add a new location in Nashua, New Hampshire.

The deal expands the firm’s presence in New England, which includes a $275 million practice, Financial Focus, that it picked up in 2021.

Darwin, co-founded by attorney John Gosselin and Melissa Sommer in 2019, specializes in providing a wide array of trust services to affluent clients across the United States. Operating from offices in Arlington, Massachusetts, and Nashua, New Hampshire, the company currently supports more than 110 clients.

“This acquisition is another important step towards our commitment to deliver sophisticated services and solutions that help our clients better manage their financial lives,” F.L.Putnam CEO Tom Manning said in a statement, praising Darwin as a “valued partner to clients” and “an exceptional team to lead our trust business.”

Echoing the sentiment, Gosselin said his team is “thrilled to be joining forces with F.L.Putnam, a firm that shares our commitment to providing exceptional service and personalized solutions to clients.”

He emphasized the synergies between the two companies, citing “F.L.Putnam’s extensive resources and expertise,” and the potential for enhanced client value resulting from the merger.

Upon the deal’s completion, Darwin will