MB Investment Partners, a wealth management firm that oversees roughly $750 million in large-cap growth equities for high-net-worth investors, merged with Ironwood Capital Management, an asset management firm with more than $450 million in small-cap equities.
In a telephone interview, Robert B. Machinist, managing partner at MB Investment Partners, said the merger was MB's "first significant addition" since he and Mark Bloom, managing partner, together with private equity firm Centre Partners, took control of MB 18 months ago with the goal of building a multistrategy investment platform.
In the coming weeks, a second addition will give MB an established midcap equity capability, Mr. Machinist said. He declined to provide further details.
Ironwood will be a wholly owned subsidiary of MB Investment Partners. Ironwood President and CIO Warren Isabelle will be CIO of the newly consolidated organization, and both Mr. Isabelle and Don Collins, Ironwood senior portfolio manager, will be shareholders in MB Investment Partners, Mr. Machinist said.