Boenning & Scattergood Inc., a West Conshohocken-based wealth management and investment banking firm, is buying Sweney Cartwright & Co., a Columbus, Ohio-based broker-dealer. All Sweney Cartwright financial advisers and associates are expected to bring approximately $700 million of assets to Boenning & Scattergood in August 2019.
“We did not make this decision lightly,” Sweney Cartwright Chairman Stephen Cartwright said in a statement. “We are proud of our heritage which dates to our founding in 1933 and we wanted to find the right fit so that our employees, associates and clients would be well-served into the future. We considered other firms with which to join but believe the long-term fit with Boenning & Scattergood is best for us and our clients.”
Established in 1914, Boenning & Scattergood is one of the oldest independent securities, asset management and investment banking firms in the Mid-Atlantic, Midwest and Northeast regions.
The origins of Sweney Cartwright date back to the Glass Steagall Act in 1933, when the founder of the firm purchased the assets of Huntington Securities, which was required to be divested from Huntington National Bank. Sweney Cartwright specializes in tax-free municipal bonds, stocks, mutual funds and general brokerage investment advice.
“We look forward to working with the very talented team at Sweney Cartwright,” Boenning & Scattergood President Michael Mara added. “We have a successful investment banking and public finance presence in Ohio and as we extend our retail footprint and begin measured, but meaningful, growth in our private client group/wealth management business, their addition is an ideal complement to our strategic focus.”
