Johnson Financial Group has agreed to acquire investment advisory firm Cleary Gull Advisors to expand its wealth management business.
The acquisition will add 40 financial employees and $2.1bn in assets under advisement to Johnson Financial Group.
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The deal is scheduled to close during the first half of 2016, subject to regulatory approval. Financial terms of the deal have not been disclosed.
Following the acquisition, the combined entity will be known as Cleary Gull Advisors and have more than $8.5bn in assets under management.
Michael Cleary, the chairman and CEO of Cleary Gull, will be named president of the integrated company, a Johnson Financial Group Company.
Also, Johnson Financial will assume Cleary Gull’s office lease and remain at 100 E. Wisconsin Ave. in downtown Milwaukee.
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By GlobalDataThe acquisition will not include Cleary Gull’s investment banking division.
Johnson Bank offers investment management, fiduciary trust services and retirement plan services to more than 2,200 individuals, businesses and institutions.
Founded in 1987, Cleary Gull provides advice for high-net worth individuals and families, airline pilots, nonprofit hospitals and senior living communities nationwide.
Miller said. "We’re going to end up hiring at least a couple of additional people given the expanded corporate resources and growth that we have planned."
Johnson Financial president and CEO Thomas Bolger said: "This move is part of our growth strategy for our wealth business and strongly demonstrates our commitment to the Milwaukee market. It positions us to be a leading provider of investment advisory and retirement planning services."
