Pittsburgh-based TriState Capital Holdings has finalised the acquisition of investment management firm The Killen Group (TKG), an advisor to The Berwyn Funds.
TriState will now combine TKG’s personnel and operations into its Chartwell Investment Partners subsidiary, as well as will maintain The Berwyn Funds brand.
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TKG and Chartwell, both based in Berwyn, Pennsylvania, will consolidate their offices in the Main Line suburb of Philadelphia before 2016 end.
TriState Capital CEO James Getz said: "We are pleased to welcome Killen’s exceptional investment professionals and other talented team members into Chartwell, creating an investment management firm with assets under management of more than $10 billion, and excellent near- and long-term growth opportunities.
"Through this latest execution of our well-defined strategy to grow our boutique money management business, we immediately enhance the range of investment products Chartwell can offer, including the addition of a ‘fund for all seasons,’ the Berwyn Income Fund and its conservative allocation strategy."
TriState said that the total value of the all-cash deal is expected to between $15m to $20m.
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By GlobalDataChartwell managing partner and CEO Timothy Riddle added: "With the addition of our newest colleagues from Killen, we intend to utilize our scalable infrastructure and distribution capabilities to drive continued organic growth across the expanded array of products we’re excited to be able to provide to institutions, financial intermediaries and their high-net-worth clients, nationally."
The Killen Group offers investment advisory services to individuals, corporations and non-profit organisations. The firm manages The Berwyn Funds family comprising no-load mutual funds and its individually managed accounts.
