TriState Capital Holdings Inc. (Nasdaq: TSC) has closed a deal for investment management firm Chartwell Investment Partners LP for $45 million.
Chartwell, headquartered in Berwyn, Pa., has about 150 institutional clients and about $7.5 billion in assets under management. Chartwell provides advisory investment management services to institutional plan sponsors, such as public mutual funds, corporations, Taft-Hartley funds, endowments and foundations. The purchase price includes another $15 million in earn-outs.
Pittsburgh-based TriState is a bank holding company that provides commercial and private banking and investment management services to middle market companies, institutional clients and high-net-worth individuals.
The deal will expand TriState's offerings for its financial intermediary, corporate and institutional clients.
Keevican Weiss Bauerle & Hirsch LLC was TriState's legal counsel on the deal, while Stephens Inc. provided financial advice. Pepper Hamilton LLP acted as Chartwell's legal adviser.