Investment bank Boenning & Scattergood Inc. is acquiring broker/dealer Sweney Cartwright & Co., a move that will result in an additional $700 million of assets under control.
The entire Sweney Cartwright team will join Boenning & Scattergood in August. Sweney Cartwright President Frank Ingwersen said the deal will allow the company to access additional municipal bond offerings, given the investment bank's presence in the company's region. The broker/dealer is headquartered in Columbus, Ohio.
Boenning & Scattergood said the deal will expand its private client group presence.