Two Maine-based wealth-management firms announced Thursday they would merge to create one company.
Ram Trust Services and Spinnaker Trust, both of Portland, plan to combine operations, to offer traditional trust and investment management services. The privately owned firm will operate as Spinnaker Trust, serving clients from its new offices at 123 Free St. and managing a combined $1.2 billion in assets.
“The trust and wealth management industry is changing so quickly today,” said Ram President John P.M. Higgins in a release. “We are choosing to combine Ram and Spinnaker because it insures another generation of exceptional personal service for our clients and one-stop, convenient access to industry leading expertise across the investment and estate planning landscape. This is an exciting merger of equals and a very comfortable fit.”
The company will be run by Dick Curran, founder and CEO of Spinnaker.
“Spinnaker is proud to be merging with Ram and its long history of family wealth management,” said Curran. “Both firms have provided services to help clients achieve their financial goals and peace of mind. Our new team is made up of outstanding professionals. I know our clients are going to be pleased with both the quality and breadth of personal services available under one, still small roof.”
Robert C.S. Monks, who has been an adviser to Ram, will be chairman of the board of the combined company.
“Ram Trust was started over 40 years ago in 1969,” said Monks. “I am very excited to work with Dick Curran and our combined team. I am confident our clients are going to appreciate the exceptional and expanded scope of service and investment product offerings to help achieve their financial goals.”
According to the release, Ram Trust President John P.M. Higgins will remain actively involved in investment advice and client services. The new Spinnaker Trust firm will have 33 employees, and the merger is subject to approval by the Maine Bureau of Financial Institutions.