PITTSBURGH--(BUSINESS WIRE)--TriState Capital Holdings, Inc. (NASDAQ: TSC) has announced that its Chartwell Investment Partners business officially closed on the acquisition of approximately $1.06 billion of client assets under management (AUM) from Columbia Partners, L.L.C. This combination brings Chartwell’s total AUM to more than $9 billion. As part of the acquisition, the company acquired institutional client accounts with a mix of high-grade fixed income and large-cap equity assets, which generate annualized revenue of more than $2 million, as well as a team of three experienced professionals.
“We are pleased to welcome Columbia’s exceptional investment professionals and clients into Chartwell,” said TriState Capital Chief Executive Officer James F. Getz. “The additional mix of high-grade fixed income and large-cap equity assets under management to our firm is the latest execution of our well-defined strategy to grow Chartwell’s boutique money management business both organically and through opportunistic acquisitions.”
In connection with the transaction, three of Columbia’s well-respected veterans joined Chartwell.
“We could not be more excited about our future,” said Chartwell Chief Executive Officer Timothy Riddle. “We are pleased to have Steve Binder, Mark Tindall and Mark Iong, three exceptional and seasoned investment professionals, joining the Chartwell team from Columbia Partners.”
Steve Binder serves as a Client Services and Marketing Director, Mark Tindall serves as a Large-cap Growth Equity Portfolio Manager and Mark Iong is a Large-cap and Growth Equity Senior Portfolio Analyst.
Based in Chevy Chase, Maryland, Columbia Partners has managed clients’ investment assets for more than 22 years. Columbia will continue to manage the firm’s alternative asset strategies.
“We are very pleased to complete this transition and to officially join the Chartwell team,” said former Columbia Partners Managing Principal Steve Binder. “As we assume our new roles at Chartwell, we look forward to upholding our commitment to our clients to provide the quality of service and professionalism that they have received from us in the past. We also look forward to working alongside our new Chartwell partners, as we continue our efforts to meet the objectives of our loyal group of clients and friends.”
Chartwell’s acquisition of Columbia Partners assets closed on April 6, 2018, and the addition of the Columbia team members was effective at that time.
ABOUT TRISTATE CAPITAL
TriState Capital Holdings, Inc. (NASDAQ: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $4.8 billion in assets, as of March 31, 2018, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Following the closing of the Columbia Partners acquisition, its Chartwell Investment Partners subsidiary has more than $9 billion in assets under management, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds. For more information, please visit http://investors.tristatecapitalbank.com.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking” statements related to TriState Capital that can generally be identified as describing TriState Capital’s future plans, objectives or goals. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For further information about the factors that could affect TriState Capital’s future results, please see the company’s most-recent annual and quarterly reports filed on Form 10-K and Form 10-Q.
