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Perigon Wealth Management, a San Francisco-based registered investment advisor with $9.3 billion in assets, has successfully acquired Gitterman Wealth Management and Gitterman Asset Management, two firms located in Edison, N.J., that collectively manage $1.3 billion in client assets.
Merchant has been involved with Gitterman as a minority investor since 2019, and in 2022, Diffractive Managers Group, part of 1251 Capital Group, acquired a minority stake as well. It remains unclear if Merchant and Diffractive have exited their positions following the acquisition.
Upon completion of this transaction, Perigon will increase its total assets under management to approximately $10.6 billion.
Jeffrey Gitterman and Eli Rauch, partners at Gitterman, will join Perigon in roles as managing directors.
The Gitterman wealth management team, consisting of six professionals, serves not only individual investors but also college and university staff through programs such as the New Jersey Alternate Benefit Program (ABP) and the Public Employee Retirement System.
Both firms emphasize sustainable investing, prioritizing climate adaptability and resilience. Gitterman was established in 2000, the same year Rauch became a part of the advisory team. In 2015, Gitterman reoriented the firm’s strategy towards climate focus after co-developing the SMART Investing Solutions, a collection of global climate-conscious investment strategies.
Rauch, who started his career in banking, specializes in servicing high-net-worth individuals, small business entrepreneurs, as well as foundations and endowments.
“The established reputation and strength of Perigon in impact investing made our decision to integrate with their team straightforward, allowing us to further enhance our asset management approach for both individual and institutional clients,” commented Gitterman in a recent statement.
“Perigon’s strategy for growth is centered on collaboration with firms and individuals who resonate with our core values and contribute substantial value for our clients,” stated CEO Arthur Ambarik. “We are progressing with careful consideration, believing that growth must align with principles. Jeff and Eli embody this mindset, and I am eager to collaborate with them in enriching both our industry and the communities we are dedicated to serving.”
