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Steinberg Global Asset Management to join The Colony Group

Steinberg Global Asset Management Ltd., which has over $1 billion in assets under management, is joining The Colony Group LLC, InvestmentNews reported March 18.

The transaction is expected to close in the second quarter and will increase The Colony Group's AUM to about $7 billion, according to InvestmentNews.

Richard Steinberg will join The Colony Group as chief market strategist and co-chair of its investment division. He will also become a part of the executive team, according to the report.