Wintrust Plans Expansion of Its Asset Management Business, Enters Into Agreement to Acquire Great Lakes Advisors
May 04 2011 - 4:01PM
Wintrust Financial Corporation (Wintrust) (Nasdaq:WTFC), announced
it has entered into an agreement to acquire Great Lakes Advisors,
Inc. (GLA), a Chicago-based investment manager with approximately
$2.4 billion in assets under management and which specializes in
domestic equity and fixed income investment strategies for
institutional clients. Upon completion of the transaction GLA will
merge with Wintrust's existing asset management business, Wintrust
Capital Management, LLC. The combined firm will operate its
asset management business as "Great Lakes Advisors, LLC, a Wintrust
Wealth Management Company" and will have assets under management of
nearly $4.5 billion.
Edward Wehmer, President and CEO of Wintrust, commented on the
pending transaction: "Building our asset management capabilities is
a strategic priority for us and this merger will represent a major
step forward. With the acquisition of Great Lakes Advisors, we will
establish ourselves as a major player in the institutional investor
market in the Midwest." Tom Kiley, who is a Managing Director of
Great Lakes Advisors and will become CEO of the combined company
upon completion of the merger, shared his perspective: "This merger
will bring together two firms that share many common values and
operate distinct but complementary lines of business. By leveraging
the strengths of both organizations, we are better positioned to
serve clients and can employ our expanded resources and scale to
further enhance our investment strategies and client service."
Tom Zidar, Chairman and CEO of Wintrust Wealth Management,
added: "We are excited to be joining forces with Great Lakes
Advisors. Their leadership team has an outstanding reputation and
investment track record. We look forward to bringing their
expertise and capabilities to our private clients and growing the
combined business."
The terms of the transaction are not being disclosed. The
transaction is expected to be completed late in the second quarter
of 2011, subject to regulatory approval and certain closing
conditions.
About Wintrust
Wintrust is a financial holding company with assets of
approximately $14 billion whose common stock is traded on the
NASDAQ Global Select Market. Wintrust operates fifteen community
bank subsidiaries that are located in the greater Chicago and
Milwaukee market areas. Additionally, the Company operates various
non-bank subsidiaries including one of the largest commercial
insurance premium finance companies operating in the United States,
a company providing short-term accounts receivable financing and
value-added out-sourced administrative services to the temporary
staffing services industry, companies engaging primarily in the
origination and purchase of residential mortgages for sale into the
secondary market throughout the United States, and companies
providing wealth management services. Currently, Wintrust operates
more than 85 banking offices.
About Wintrust Wealth Management
Wintrust Wealth Management provides a comprehensive suite of
wealth management services and oversees over $10 billion in client
assets. Wintrust Wealth Management consists of Wintrust's three
wealth management companies comprised of Wayne Hummer Investments,
Wintrust Capital Management and The Chicago Trust
Company. Since 1931, Wayne Hummer Investments has been
providing a full range of investment products and services tailored
to meet the specific needs of individual investors throughout the
country. Wintrust Capital Management is the investment advisory
affiliate of Wayne Hummer Investments. Wintrust Capital Management
manages assets for private clients, public and corporate pensions,
Taft-Hartley funds, as well as portfolios for The Chicago Trust
Company. The Chicago Trust Company provides trust and investment
products and services to individuals and businesses in Wintrust
community bank markets.
About Great Lakes Advisors
Great Lakes Advisors, Inc. is an independent investment
management firm organized in 1990. Headquartered in Chicago, Great
Lakes currently manages approximately $2.4 billion in equity, fixed
income, and balanced fund separate accounts for a diverse group of
clients including public funds, endowment/foundations, Taft Hartley
plans, religious communities, Socially Responsible Investors,
corporations and financial intermediary relationships.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Wintrust's expected financial
results or other plans are subject to a number of risks and
uncertainties. For a discussion of such risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" and the
forward-looking statement disclosure contained in Wintrust's Annual
Report on Form 10-K for the most recently ended fiscal year.
Forward-looking statements speak only as of the date made and
Wintrust undertakes no duty to update the information.
CONTACT: Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President & Chief
Operating Officer
Thomas P. Zidar, Chairman and CEO - Wintrust Wealth Management
(847) 615-4096
www.wintrust.com
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