Wintrust to Expand its Investment Management Business, Enters into Agreement to Acquire North American Asset Management Units from Rothschild & Co
November 14 2022 - 4:02PM
Wintrust Financial Corporation (“Wintrust”) (NASDAQ: WTFC) and
Rothschild & Co announced they have entered into an agreement
for Wintrust to acquire two asset management businesses from
Rothschild & Co North America Inc. Wintrust’s subsidiary, Great
Lakes Advisors, LLC, agreed to purchase Rothschild & Co Asset
Management US Inc. and Rothschild & Co Risk Based Investments
LLC (collectively, “Rothschild & Co Asset Management U.S.”),
investment managers with approximately $8 billion in assets under
management specializing in equity investment strategies for
institutional, intermediary and other clients. Upon completion of
the transaction, Rothschild & Co Asset Management U.S. will
merge into and operate the business as Great Lakes Advisors, LLC.
Edward J. Wehmer, Founder and CEO of Wintrust,
commented on the pending transaction: “We have been very pleased
with the growth in our wealth and investment management businesses
at Wintrust. The addition of Rothschild & Co Asset Management
U.S. to our team at Great Lakes Advisors will bring further scale,
capabilities, and investment talent to the organization as it
strives to deliver superior investment strategies to its growing
institutional, intermediary, and private wealth clients. We are
thrilled to welcome the Rothschild & Co Asset Management U.S.
team with its excellent reputation in the industry and an
investment approach that aligns so well with our own core
principles.”
Francois Perol, Managing Partner of Rothschild
& Co, said: “We are delighted to have executed this agreement.
Great Lakes will be an excellent home for our clients and our
colleagues, and we wish them every success. As far as Wealth and
Asset Management is concerned, we will focus our efforts on our
rapidly growing European business. Our Global Advisory and Merchant
Banking business will continue to expand in North America and
across the globe.”
Terms of the Transaction The
terms of the transaction are not being disclosed. The transaction
is expected to be completed early in the first quarter of 2023,
subject to certain closing conditions.
About Wintrust Wintrust is a
financial holding company with assets of approximately $52 billion
whose common stock is traded on the Nasdaq Global Select Market.
Built on the "HAVE IT ALL" model, Wintrust offers sophisticated
technology and resources of a large bank while focusing on
providing service-based community banking to each and every
customer. Wintrust operates fifteen community bank subsidiaries,
with over 170 banking locations located in the greater Chicago and
southern Wisconsin market areas. Additionally, Wintrust operates
various non-bank business units including business units which
provide commercial and life insurance premium financing in the
United States, a premium finance company operating in Canada, a
company providing short-term accounts receivable financing and
value-added out-sourced administrative services to the temporary
staffing services industry, a business unit 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 and qualified intermediary
services for tax-deferred exchanges.
About Rothschild & Co
Rothschild & Co is a family-controlled and independent group
and has been at the centre of the world’s financial markets for
over 200 years. With a team of talented financial services
specialists on the ground in over 40 countries, Rothschild &
Co’s integrated global network of trusted professionals provides
in-depth market intelligence and effective long-term solutions for
its clients in Global Advisory, Wealth and Asset Management, and
Merchant Banking.
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 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 most
recent Annual Report on Form 10-K and in any of the Company’s
subsequent SEC filings. Forward-looking statements speak only as of
the date made and Wintrust undertakes no duty to update the
information.
FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, Founder & Chief Executive Officer David A.
Dykstra, Vice Chairman & Chief Operating Officer Thomas P.
Zidar, Chairman and CEO – Wintrust Wealth Management (847) 939-9000
www.wintrust.com
Marie-Laure Becquart, Investor Relations,
Rothschild & Co investorrelation@rothschildandco.com Caroline
Nico, Media Relations, Rothschild & Co
Groupmediaenquiries@rothschildandco.com www.rothschildandco.com
Brunswick Group Alex Yankus / Rachael Collins Tel:
+1 212 333 3810 rothschildandcous@brunswickgroup.com
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