PROVIDENCE — A South Main Street investment-management firm doing business, for more than a decade as an allied operation of a Massachusetts company, will separate to launch a new firm called Endurance Wealth Management, a company spokesman announced Monday.

The new firm, formerly known as Baldwin Brothers Inc., will specialize in managing the investment needs of high-net-worth individuals, families, charities and institutions.

Endurance will be among the largest independent investment firms in Providence with approximately $500 million under management, according to a company release. The company opened 12 years ago, and to help it as a start-up, it relied on the experience and name recognition of Baldwin Brothers, an employee-owned investment manager based in Marion, Mass.

“We wanted to partner up with a firm, rather than start from scratch,” said J. Michael Costello, the managing partner who will continue to head the company. “We are distinct in the Southern New England market. We are poised to continue our planned and patient growth.”

Costello said the firm will keep all the same clients in order to retain a continuity of service, as well as all nine employees working in the South Main Street office.

Baldwin Brothers began in 1974 and today has approximately $1.21 billion in assets under management. The firm provides advisory services to clients and typically makes socially responsible investments.

lsparks@projo.com