Summit Financial, the New Jersey-based RIA backed by Merchant Investment Management, has taken a minority, non-controlling stake in Signet Financial Management, a Parsippany, N.J.-based registered investment advisor with $1.2 billion in client assets. Signet has also been backed by Merchant since 2021.
The deal is part of the RIA’s Summit Growth Partners initiative. In the transaction, Signet will retain its leadership and core teams.
Signet was founded in 1988, and is now led by principals Eugene Yashin, Steve Tuttle and Shawn Hirsch. In addition to the New Jersey office, it also has offices in Virginia and Florida.
“They built a $1 billion-plus firm and now having access to what Summit has as far as resources and people, capital, technology, we hope we can help them build that billion-dollar-plus firm into five and 10 and $20 billion over the coming years,” said Stan…
