Minella Capital Management (MCM) has agreed to purchase a majority stake in Norwood, Massachusetts-based registered investment advisor W.E. Donoghue & Co (WEDCO) for an undisclosed sum.
WEDCO, which specialises in tactical strategies, manages over $1.6bn in client assets.
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MCM said that the deal will support succession planning for WEDCO founder William Donoghue, as well as will help WEDCO extend ownership to additional key employees.
MCM managing member David Minella said: "WEDCO is well positioned to capitalize on the long-term opportunity in low volatility – alternative products. We are excited about our new partnership with WEDCO and believe the management team has a unique combination of proven success in offering alternative low volatility products to their clients and strong distribution channel experience.”
WEDCO president Jeff Thompson said: "As a management team with ownership that ensures alignment of interest in our continued success, we are confident MCM is the right partner to invest in WEDCO's next stage of growth. We are excited to partner with MCM through this transition and beyond as we share a common belief in delivering exceptional service and innovative products."
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