A Pittsburgh financial conglomerate is leveraging two Berwyn investment firms for a streamlined return through its latest acquisition and merger.
The Killen Group will soon join Chartwell Investment Partners, but The Berwyn Funds will retain its established branding in the wake of Chartwell parent company TriState Capital Holdings’ $30 million-plus buyout, Pensions & Investments reported.
The deal could grow with growth-based contingencies and is on track to close in the second quarter of 2016. TKG will relocate Aug. 1, 2016, though TriState expressed no plans to alter how its team of 12 operates.
“What makes this work is their responsibilities are the same,” Chartwell Managing Partner and CEO Timothy J. Riddle said in the article. “We’re not going to make any changes to what they do.”
TKG’s $2.5 billion in assets under management will put Chartwell over the $10 billion mark.
Read more about the deal in Pensions & Investments here.
