Carret & Co. was sold by majority owner Castle Harlan to investment group Quadrant Management. Terms of the deal were not disclosed.
Carret has been restructured into three business units, said Wayne Reisner, now president of Carret Asset Management, which focuses on high-net-worth clients. Mr. Reisner said his unit manages about half of Carret's $1.8 billion in assets under management. Carret Capital, headed by CEO Joseph E. Wozny, will manage another $500 million in Taft-Hartley pension assets, and existing firm Rikoon-Carret Wealth Advisers, which caters to wealthy investors, will manage the remaining assets. Further details were not available.
Alan Quasha, Quadrant president, did not return phone calls seeking comment; officials at Castle Harlan declined to comment.