Beacon Trust Company acquires Clear Asset Management

Beacon’s president and chief executive, Marc Paley, will head the combined business, while Fred Fraenkel, Clear’s former chairman, has become Beacon vice-chairman and will chair the investment policy committee. Clear’s founder and chief executive Andrew Corn also joins Beacon as an executive vice-president and chief investment officer for equities.

‘The addition of Clear Asset Management’s team and products will greatly enhance our high-touch service franchise and position the firm for growth,’ Paley says, noting that 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’s investment process has a proven four-year track record,’ Fraenkel says. ‘Bringing this top-tier performance to Beacon will augment its existing processes.’ Clear adds five long-only portfolios and two investment partnerships with hedging strategies to Beacon’s offerings, while subsidiary Clear Indexes adds three indices that are tracked by ETFs.

Beacon is a 20-year-old limited purpose trust company active as an investment manager, executor, trustee and custodian for families and institutions, and has some USD900m in assets under management for individuals and institutions in actively managed equity and fixed-income separately managed accounts.

The firm’s services include asset management, fiduciary services, professional planning and administration services for estates and trusts, custodial services, custodial and safekeeping services for US dollar-denominated securities, tax return preparation, personal bill payment and investment planning, and executor, trustee and guardian services.