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Tuesday, October 29, 2002|
AMVESCAP Buys a N.Y. Private Wealth Manager
With the rich New York market in mind, AMVESCAP PLC is buying Whitehall Asset Management, a private wealth manager based in Manhattan, and certain affiliates of The Industrial Bank of Japan Trust Company. Whitehall, which has some $1.5 billion in assets under management, will be merged with the AMVESCAP unit -- Atlantic Trust Private Wealth Management. The cash acquisition will be closed in the first quarter of next year, a spokesman for the Anglo-U.S. firm confirmed, declining to comment on the purchase amount.
"This is consistent with our stated growth plans of making strategic acquisitions combined with organic growth," said Donald J. Herrema, chairman and chief executive officer of Atlantic Trust Private Wealth Management, in a release. The unit targets individuals with more than $10 million to invest.
"I can't think of a better home for this firm than the AMVESCAP Group - a firm solely committed to investment management," said Marc Keller, president, Whitehall Asset Management. "It's important to our clients and my colleagues to be associated with a leading asset management company."
Whitehall Asset Management was acquired by The Industrial Bank of Japan, Limited, now Mizuho Corporate Bank, in 1986. The firm is also comprised of what previously were Delphi Asset Management (acquired in 1998) and Campbell Advisors (acquired in 1999). Whitehall Asset Management is also the advisor to The Whitehall Funds with assets of $230 million.
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