TriState Capital has signed an agreement to acquire The Killen Group (TKG), an investment management firm and the advisor to The Berwyn Funds.
Founded in 1982, TKG offers portfolio management and investment advisory services to several institutional and separately managed account clients nationwide.
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The cash transaction is estimated to range between $30m and $35m.
The acquisition is expected to boost revenues of Chartwell Investment Partners, a subsidiary of TriState, to more than $44m and AUM to more than $10bn.
Meantime, TKG’s investment professionals have entered into multi-year restrictive agreements with Chartwell, including its chairman and CEO Robert Killen.
Upon completion of the deal, TriState Capital will integrate TKG’s personnel and operations into Chartwell, while maintaining The Berwyn Funds brand.
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By GlobalDataBoth the firms are planning to combine their offices in the Main Line suburb of Philadelphia before the end of 2016.
Subject to regulatory requirements and other customary closing conditions and adjustments, the deal is expected to close in the second quarter of 2016.
TriState Capital CEO James Getz said: "This transaction creates an investment management firm with annual revenues approaching $50 million and more than $10 billion in assets under management, as part of our well-defined strategy for growing our Chartwell Investment Partners business into a world-class asset manager."
