The combined firm, to be known as Beacon Trust Company, will have combined assets under management and advisement of approximately $1 billion, according to the announcement. Beacon Trust Company’s CEO and President, Marc Paley, will lead the combined entity. Fred Fraenkel, Clear’s former Chairman, has been appointed Vice Chairman and Chairman of the Investment Policy Committee for Beacon Trust Company. Additionally, Andrew Corn, founder and Chief Executive Officer of Clear Asset Management, joins Beacon as Executive Vice President and Chief Investment Officer – Equities.
Beacon has filed to open a branch in New York City to expand its client reach and to house part of the investment team. Clear adds five long-only portfolios and two investment partnerships with hedging strategies to Beacon Trust Company’s offerings. Clear Indexes adds three indexes that are tracked by ETFs.
Beacon Trust Company has approximately $900 million of assets under management (AUM) in actively managed equity and fixed income products, offered to individuals and institutions in separately managed accounts.