Wisconsin-based Associated Banc-Corp has agreed to acquire Whitnell &Co., an Illinois-based wealth management and multi-family office services firm.
Whitnell, which manages about $1bn in assets and employs around 25 staff, will now operate as a subsidiary of Banc-Corp and retain its existing brand.
William Thonn, the president and CEO of Whitnell, will continue in his role and become a member of Whitnell board.
The deal, whose financial terms were not disclosed, is expected to complete in October 2017.
Associated Banc-Corp expects the deal to boost its assets under management and run-rate revenue by 10%. The transaction is not expected to affect Associated Banc-Corp’s 2017 earnings.
Associated Banc-Corp CEO and president Philip Flynn said: “The addition of this respected company adds a strong team to our Chicago-area private client group and positions us to offer unique investment, asset management and related services to high net worth clients across our markets. The acquisition of Whitnell also furthers our strategy to drive shareholder value through a diverse set of specialty businesses.”
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