WEALTH MANAGEMENT
F.L.Putnam Secures Minority Investment from Carlyle-Backed Bixby
The $11 billion Massachusetts firm will keep its existing leadership and employee equity structure as it succeeds a four-year partnership with Emigrant Partners.
F.L.Putnam Investment Management Company has announced a minority investment from Bixby Wealth Solutions, an arm of Moontower Group. Financial terms of the transaction were not disclosed. FLP manages more than $11 billion in assets for clients as of 1 July 2026, and employs more than 165 people across 14 US offices. The firm will continue to operate independently under its existing leadership team, led by Chief Executive Tom Manning, and employees will continue to hold a significant minority equity stake.
Succeeding an Emigrant Partners relationship
Manning said the investment "positions FLP for our next phase of growth," adding that partnering with Bixby "provides us additional flexibility to invest in our people, technology, and capabilities while pursuing selective opportunities to expand into new markets and welcome like-minded advisors to the firm." He also thanked the Emigrant Partners team "for their support and assistance over the past four years," indicating the Bixby deal follows an earlier partnership with Emigrant.
Carlyle-backed platform targets internal ownership
Bixby Wealth Solutions is backed by Carlyle's Global Credit business and specialises in forging minority partnerships with independent wealth management firms, offering scalable capital intended to promote internal equity ownership across generations. Russell Valdez, Managing Partner and Founder of Moontower Group, said: "We believe Tom and the FLP leadership team have built an exceptional firm with a strong culture, a highly respected brand, and an unwavering commitment to their clients."
FLP, headquartered in Lynnfield, Massachusetts, has served clients including individuals, single and multi-family offices, endowments and foundations for more than 40 years, offering investment, financial planning, trust and family office services. Ardea Partners served as exclusive financial adviser to FLP on the transaction.