Chesapeake Asset Management (CAM) has acquired Cherry Lane Capital to expand its wealth management services.

Financial terms of the deal were not disclosed.

The acquired entity is a registered investment advisor (RIA) with offices in New York City and Boca Raton. It provides investment management and financial and retirement planning.

The deal, which follows CAM’s initial investment in the firm in 2020, expands its presence in the retail wealth management segment.

As part of the deal, Cherry Lane co-founders Jesse Christensen and Ryan Berman will work with Chesapeake as partners to lead its newly founded wealth management division.

Commenting on the deal, Christensen said: “Chesapeake’s legacy speaks for itself and we are honoured to be a part of the firm’s next chapter. Importantly, we are excited for our clients who will benefit greatly from the enhanced resources and intellectual capital embedded in our new venture.”

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CAM provides an investment solution that brings together direct investing in public markets and capital allocation across a number of outside managers.

Its client base consists of families, endowments, and foundations.

Chesapeake managing member Gerasimos Efthimiatos said: “Cherry Lane has enjoyed impressive growth since its inception and over the past two years I was able to see first-hand how Jesse and Ryan run their business, their commitment to clients, and their investment philosophy which emphasises long-term wealth creation.

“I am looking forward to working with them as we build an investment firm with a comprehensive offering that addresses our clients’ investment and financial planning needs.”