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March 8, 2012

Portland financial firms to merge

Two Portland-based financial services firms are merging into one operation providing trust and investment management.

Ram Trust Services and Spinnaker Trust announced today they plan to merge under the name Spinnaker Trust, pending approval by the Maine Bureau of Financial Institutions, according to a press release. The company will operate from Spinnaker’s new offices on Free Street and manage a combined $1.2 billion in assets. Ram President John Higgins said the fast-changing industry of trust and wealth management led to the merger. Spinnaker Founder and CEO Dick Curran will lead the merged company, while Higgins will remain involved in investment advice and client services. The merged company will have 33 employees.

The company’s services will include investment and tax planning, trust and estate management, private equity capital investment and global asset management, according to the release.

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