F.L.Putnam Announces Strategic Minority Investment from Bixby Wealth Solutions

F.L.Putnam Investment Management Company has secured a strategic minority investment from Bixby Wealth Solutions, an affiliate of the Moontower Group backed by Carlyle’s Global Credit business. The deal, which follows a four-year partnership between F.L.Putnam and Emigrant Partners, is designed to fuel the firm’s next phase of growth while maintaining its independent operational structure. This transaction highlights the ongoing trend of private credit-backed capital entering the wealth management space to support established independent registered investment advisers in their expansion and succession efforts.

F.L.Putnam Investment Management Company (FLP), an independent registered investment adviser managing more than $11 billion in assets, has entered into a new partnership with Bixby Wealth Solutions. Under the terms of the agreement, Bixby—a specialist platform within the Moontower Group—has taken a minority stake in the firm for an undisclosed amount. FLP will continue to operate under its existing leadership team, headed by CEO Tom Manning, and its 165-plus employees will retain a significant minority equity stake. The firm currently operates 14 offices across the United States, serving a diverse client base that includes high-net-worth individuals, family offices, and endowments.

The investment marks a transition for FLP, which recently concluded a four-year partnership with Emigrant Partners. According to CEO Tom Manning, the new capital from Bixby provides the firm with increased flexibility to invest in internal infrastructure, including technology and personnel, while also pursuing selective M&A opportunities and geographic expansion. The partnership is specifically structured to foster a culture of internal equity ownership across generations, a core component of Bixby’s investment philosophy. Ardea Partners LP acted as the exclusive financial advisor to FLP throughout the transaction process.

Bixby Wealth Solutions brings significant institutional backing to the deal through Carlyle’s Global Credit Business, which supports Bixby’s mission of providing scalable capital to independent wealth management firms. Russell Valdez, Managing Partner and Founder of Moontower Group, noted that the investment is intended to help FLP attract top-tier talent and enhance its service capabilities for long-term success. For the wealth management sector, this deal underscores the continued appetite for minority-stake investments that allow RIA founders and employees to maintain control while accessing the resources necessary to compete in an increasingly consolidated market.