GSB Wealth Management LLC, a subsidiary of Guilford Savings Bank, recently acquired the assets of CTMA Wealth Management of East Haven.
CTMA, a registered investment adviser, currently manages $198 million in client assets.
The deal, which was effective as of Dec. 31, brings GSBWM’s total assets under management to $448 million.
Terms of the deal were not disclosed.
The acquisition brings CTMA’s financial planning, tax planning, executive benefits and corporate retirement experience to the Guilford company, according to an announcement.
Abely
Ken Russell, president and CEO of GSB Wealth Management, said the deal means expanded capabilities for the company.
“That’s not something we did previously so we’re excited to offer that, and it aligns very well with the commercial banking clients of GSB,” Russell said. “For the bank itself, it can now broaden and deepen relationships with commercial clients by offering retirement planning.”
Chris Abely, a chartered financial analyst who founded CTMA in 2010, will join the GSB Wealth Management team as chief investment officer.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
