Rockefeller Capital Management has agreed to buy Illinois-based Whitnell & Co., a wealth management and multi-family office services firm owned by Associated Banc-Corp.

Financial terms of the deal, which expands Rockfeller’s reach in the Midwest, were not shared.

A $1.4bn business, Whitnell will serve as the primary Midwest office for Rockefeller’s family office services following deal completion in March this year.

As part of the deal, Rockefeller will absorb Whitnell’s entire workforce of around 25, which includes three adviser teams and three senior client advisers.

The deal is the second family office purchase by Rockefeller, the first being the takeover of Financial Clarity in 2019.

Notably, last year, Rockefeller set up its first Chicago-based Private Wealth Management office.

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Associated president and CEO Philip Flynn said: “This partnership positions us to leverage our core capabilities through Rockefeller’s network of clients and relationships.”

Associated Bank, NA will now be a Midwest mortgage lending referral partner while Associated Trust Company will serve as one of Rockefeller’s third-party trust solutions providers.

The two firms will partner to launch select lending and asset management solutions to their clients.

Rockefeller Capital Management president of the Family Office Timothy O’Hara said: “The Whitnell team’s planning-led focus, extensive experience, scope of services and location make it an excellent addition to our Family Office.

“The Midwest is a key region for our national expansion, as our footprint continues to geographically align with where Americans build businesses and create wealth. As we unite our businesses, we will be better positioned to serve our clients and offer robust solutions to solve for the complex challenges they may face.”

Established in 1988, Whitnell was snapped up by Associated Banc-Corp in 2017.

The firm offers financial planning, asset management, generational wealth transfer and family office services to UHNW clients.