RMB Capital, a Chicago-based financial services firm with over $5.2bn in assets under management (AUM), has purchased Greenwood Investment Management for an undisclosed amount.
Greenwood is a Colorado-based investment advisor, which provides asset management services to individuals, family trusts, professional service firms and corporate retirement plans.
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The transaction will bring more than $60m in assets to RMB.
As part of the deal, Greenwood founder and sole proprietor Ken James will join RMB as a consultant.
RMB Western Region partner and managing director Donald Bechter said: “Since inception, the vast majority of our firm’s growth has been organic in nature – stemming from word of mouth and referrals by our existing clients.”
“In recent years, given changing dynamics in our industry, we’ve pursued more M&A activity. Ultimately, our decision to move forward with any merger or acquisition hinges on an alignment of values, a good strategic fit, and a belief that we can add value for the clients. Ken’s similar investment philosophy and reputation for building close, personal client relationships are significant reasons why we felt this was a good match.”
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By GlobalDataCommenting on the acquisition, James said: “As an independent, employee-owned firm that is committed to providing exceptional client service and investment expertise, RMB is grounded in the same principles that matter to Greenwood.
“With a one-person firm, finding the right partner to solve the succession issue is critical. Joining forces with RMB gives my clients access to comprehensive financial planning services, a broader advisory and support team, and more investment solutions.”
