By Michael De LeonBloomberg via Getty ImagesBELLEVUE, Wash.–(BUSINESS WIRE)–Beacon Management Group Inc., a wealth management provider based in Fort Wayne, Indiana, has announced it will invest up to $100 million in the Fort Worth-based company, including up to 10% of its outstanding shares, in an effort to help it grow its wealth management capabilities.
Beacon has invested more than $250 million in its Fort Worth business, which manages about $500 billion in assets under management, according to its website.
Bean, which has about 20 employees and is valued at about $3.5 billion, operates in the real estate, financial services and technology industries.
It has $11 billion in cash and cash equivalents, and about $11.5 million in marketable securities.
Its investment in Fort Point, the firm’s new $50 million asset management facility, will allow Beacon to continue to grow its capabilities, including hiring new employees and expanding its asset management team, according the company.
Beans investments in Fort Payne and Fort Worth are part of a broader effort to bolster its Fort Wayne operation and expand its workforce.
In December, Beacon signed a lease agreement with the Fort Wayne-based Capital Metro to build a new $1.5-billion financial services center and create more than 150 new jobs.
Beacons investment in the city of Fort Worth is part of Beacon’s strategy to diversify its offerings to attract more of its customer base to its business, according Peter Fries, Beacon’s chief executive officer.
Fries said Beacon expects to invest in Fort Lauderdale, Florida, its second largest market, and New York, the largest financial services market in the U.S., by the end of the year.
Beach City, the company’s new office and manufacturing facility in Fort Walton Beach, Florida is set to open in 2021.