Thu, 06/03/2014 - 11:48
TriState Capital has closed its acquisition of Chartwell Investment Partners, an investment management firm with about 150 institutional clients and USD7.5bn in assets under management.
"We've executed on our strategy to identify and complete the acquisition of a successful and proven investment manager, deploying a significant portion of the capital that shareholders invested with us via our initial public offering last year," says TriState Capital chief executive officer James F Getz. "Chartwell's employees, institutional clients and the financial intermediaries who are part of TriState Capital's national referral network have responded very enthusiastically since we announced our plans in January. We're excited to be supporting the continued growth and success of the Chartwell team as part of TriState Capital."
"We are very pleased to complete this transaction and to officially be joining the TriState Capital team," says Chartwell chief executive officer Timothy J Riddle. "We look forward to providing our clients with the same quality of service and professionalism that they have received from us in the past, as well as helping TriState Capital to expand its product offerings with its financial intermediary, corporate and other institutional clients."
Chartwell provides advisory and sub-advisory investment management services primarily to institutional plan sponsors such as public mutual funds, corporations, Taft-Hartley funds, endowments and foundations.
Its entire team of more than 40 employees joined TriState Capital at closing, and the investment management business will continue to operate from its Berwyn, Pennsylvania, offices under the Chartwell brand.
TriState Capital Bank's Eastern Pennsylvania regional team and commercial banking office will continue to be located in nearby Villanova.
TriState Capital's legal advisor on the transaction is Keevican Weiss Bauerle & Hirsch. Stephens served as financial advisor and provided a fairness opinion to TriState Capital. Chartwell's legal advisor is Pepper Hamilton.
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