Investment consulting firms Cafaro Greenleaf and Carroll Consultants agreed to merge, a news release from Cafaro Greenleaf said.
"The merger of Carroll Consultants and Cafaro Greenleaf gives us the unique ability to provide value-added and enhanced services to our clients in the areas of administration, record keeping and group benefits," said Wayne Greenleaf, managing principal at Cafaro Greenleaf, in the release.
In turn, Carroll Consultants' clients are expected to benefit from "additional investment advisory resources, enhanced services," monthly participant education webinars and additional retirement plan tools and services.
Carroll Consultants specializes in U.S. independent schools and universities.
As of June 30, Cafaro Greenleaf reported $2.7 billion under advisement for 130 U.S. institutional tax-exempt clients. Through the merger, that will come to about 300 retirement and group benefit plans with assets under advisement of more than $4.6 billion.
Further details were not available; Brian Clark, Cafaro Greenleaf's managing director of operations, and Marcie Carroll, Carroll Consultants president, could not be reached for comment.
