Sprouting Rock Asset Management LLC, a multi-boutique manager company providing investment services with approximately $3.1 billion assets under management, has acquired Stewart Asset Management LLC, a New York-based investment manager focused on offering capital appreciation for clients through portfolios of U.S. listed growth equities.

Founded in 2014 by chairman Bill Stewart in 2014, Stewart offers separately managed accounts in the U.S. and Canada, and the Concentrated U.S. Equity Growth Fund to investors outside of the U.S. The company aims to double its clients’ capital on average every five years. Following the acquisition, the Stewart investment team will join Sprouting Rock and Bill Stewart will remain part of the investment team.

“We are impressed with the firm’s strong conviction in the power of compounding and its research-driven investment process,” says Marc Brookman, chief executive officer of Sprouting Rock. “The team will serve as a strong complement to our rapidly-growing platform of boutique managers.”