F.L.Putnam Announces Acquisition of Independent Investment Advisor Salem Capital Management

July 26, 2022


Seasoned investment advisors Hal Rubin and Kim Ratcliffe join F.L.Putnam’s rapidly expanding Lynnfield, Massachusetts office

WELLESLEY, Mass. and WOBURN, Mass., July 26, 2022 – F.L.Putnam Investment Management Company (“F.L.Putnam”) today announced that it has acquired Salem Capital Management (“Salem Capital”), an independent registered investment advisor with a successful 30-year track record of serving high-net-worth families, individuals, and small institutions. Financial terms of the deal were not disclosed.

Based in Woburn, Mass., Salem Capital was co-founded by Hal Rubin, a veteran financial services executive with more than 40 years’ experience and deep investment management expertise. The firm’s president, Kim Ratcliffe, CFA, joined Salem Capital in 2001 and brings more than 30 years of investment and research experience.

“The Salem Capital team has a tremendous amount of investment and advisory experience, and we are excited to welcome them to our team,” said Tom Manning, CEO of F.L.Putnam. “Together we are able to expand the services available to the clients of both firms, including offering F.L.Putnam clients a new equity value separate-account strategy focused on large cap value equities that complements our other investment management strategies and capabilities.”

Following the acquisition, which closed on June 30, Mr. Rubin and Ms. Ratcliffe have joined the firm as Investment Advisors, and will be based in Lynnfield, a rapidly expanding F.L.Putnam office on the North Shore of Massachusetts that now has 16 employees.

“Kim and I are excited about joining forces with a firm that has the versatility that F.L.Putnam has and is known for delivering high-value services on behalf of its clients,” Mr. Rubin said. “The clients we serve at Salem Capital will absolutely benefit from our two firms coming together, and we expect this acquisition to provide advantages to F.L.Putnam clients as well.”

This is F.L.Putnam’s third acquisition in three years. The firm acquired leading alternative investment research and advisory firm Atrato Advisors last year and financial planning firm Financial Focus in 2019. F.L.Putnam has $5.4 billion in assets under advisement and a team of 84 professionals across six offices.

About Salem Capital Management

Founded in 1989 and headquartered in Woburn, Mass., Salem Capital Management provides personalized investment counseling services to individual and institutional investors. The firm works closely with individuals, families, corporations, and nonprofits to determine their long-term investment goals and structures portfolios of higher quality stock and bond investments that provide long-term value through price appreciation and dividend income.

About F.L.Putnam Investment Management Company

F.L.Putnam provides investment management, financial planning, and consulting services to high-net-worth clients and institutions including endowments and foundations. Since 1983, F.L.Putnam has delivered a comprehensive set of solutions that help clients build, preserve, and manage their wealth. The firm serves clients from offices in Maine, Massachusetts, New Hampshire, New York, and Rhode Island. More information is available at www.flputnam.com.


KWM Communications
Kellie Walsh










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