Both firms are New York-based. A news release said the newly combined entity manages more than $3.1 billion, including high-net-worth investors, endowments, foundations and employee pension plans.
Beck, Mack & Oliver has specialized in managing customized core U.S. equity portfolios, according to the release. Austin Investment Management manages separate accounts as well as a global equity mutual fund.
Terms of the transaction, effective April 10, were not disclosed.