San Francisco-based asset management firm Lucia Capital Group has inked a definitive agreement for the purchase of the managed equity and fixed income accounts of West Coast Asset Management (WCAM), a Santa Barbara-based investment advisor.
Lucia Capital manages about $2.3bn of client assets through its subsidiaries and affiliates.
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Under this deal, Lucia Capital will acquire WCAM’s client relationships from WCAM.
The acquisition of WCAM’s offices in California’s Santa Barbara region will help Lucia Capital operate with 17 offices across the US with over 70 employees.
Moreover, as part of the agreement, important leadership members of WCAM will join Lucia Capital which include Lance Helfert, and Atticus Lowe.
Lance Helfert, serving as WCAM’s president, will join Lucia Capital in the role of senior vice president, whereas Atticus Lowe, WCAM’s chief investment officer, will be appointed in Lucia Capital’s research and investment management group.
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By GlobalDataLance Helfert said: "We have strong chemistry, trust and shared values with Lucia Capital, and we are confident that joining forces through this transaction will provide our clients with enhanced resources to meet their needs and offer them access to an expanded universe of investment offerings and services."
