According to Seelaus, the addition of Red Bank-based Sterling will strengthen the company’s ability to manage portfolios of agency mortgage-backed securities for both current and future clients. The firm anticipates the addition of Sterling to increase its assets under management to $425 million.
Sterling Principals Lee Sterling, Cliff Sterling and Dave Mangone will join Seelaus Asset Management as portfolio managers.
In 2017, Seelaus Asset Management acquired Sunnymeath Asset Management, also based in Red Bank. In a release, Seelaus said the new deal would further bolster its presence in the Monmouth County city.
“Sterling Wealth Advisors has a strong track record of helping clients meet their financial goals, and the firm’s culture and values align well with our firm,” Kenny Klein, Seelaus Asset Management chief executive officer, said in a prepared statement. “Seelaus Asset Management’s platform offers value to standalone RIAs, and this acquisition will help us to expand our offering to current clients.”
Summit-based Seelaus is an SEC-registered investment advisor (RIA) specializing in portfolio management and tactical asset allocation investment strategies.