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Associated Banc-Corp (ASB) to Sell Wealth Unit to Rockefeller
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Associated Banc-Corp (ASB - Free Report) has signed a deal to divest its wealth management subsidiary Whitnell & Co. to Rockefeller Capital Management and enter into a partnership with the latter. Terms of the deal, expected to close in March 2021, were undisclosed.
Whitnell was acquired by Associated Banc-Corp in 2017 and is headquartered in Oak Brook, IL. With $1.4 billion of client assets under management, it provides ultra-high-net-worth clients with wealth management services including financial planning, asset management, generational wealth transfer and family office services.
Per the agreement, Whitnell will be acquired by Rockefeller, whereas Associated Bank, NA will become a Midwest mortgage lending referral partner, and Associated Trust Company will become one of Rockefeller's third-party trust solutions providers.
Both the companies will work jointly to introduce select lending and asset management solutions to their respective clients. Also, upon completion, Whitnell will become the primary Midwest office for Rockefeller's family office services.
"Our organizations possess a shared appreciation of the needs and goals of our clients. This partnership positions us to leverage our core capabilities through Rockefeller's network of clients and relationships." said Philip B. Flynn, president and CEO at Associated Banc-Corp.
Headquartered in New York, Rockefeller delivers global family office, asset management and strategic advisory services to ultra-high-net-worth individuals and families, institutions and corporations.
Tim O'Hara, president of the Rockefeller Family Office said, "There are many aspects to this new partnership that support our expectations for success,”. He also added, "Our decision to partner with Associated, coupled with a thoughtful approach to integration, will help ensure continuity of Whitnell's services during the transition, and access to additional client services moving forward."
Shares of Associated Banc-Corp have gained 33.4% in the past six months compared with 31% growth for the industry it belongs to.
There has been a rise in restructuring activities in the finance sector. Last month,Wells Fargo (WFC - Free Report) agreed to sell its private student loan portfolio to investors, which will be serviced by Firstmark. The transaction is likely to close in the first half of 2021.
The Bank of New York Mellon Corporation’s (BK - Free Report) announced that it is set to sell its Canada-based wealth management business to Guardian Capital Group Limited. Closing of the deal is expected in first-quarter 2021 and is subject to regulatory approvals. Also, People’s United completed the divesture of People's United Insurance Agency to AssuredPartners. The all-cash deal worth $120 million was announced in September.
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Associated Banc-Corp (ASB) to Sell Wealth Unit to Rockefeller
Associated Banc-Corp (ASB - Free Report) has signed a deal to divest its wealth management subsidiary Whitnell & Co. to Rockefeller Capital Management and enter into a partnership with the latter. Terms of the deal, expected to close in March 2021, were undisclosed.
Whitnell was acquired by Associated Banc-Corp in 2017 and is headquartered in Oak Brook, IL. With $1.4 billion of client assets under management, it provides ultra-high-net-worth clients with wealth management services including financial planning, asset management, generational wealth transfer and family office services.
Per the agreement, Whitnell will be acquired by Rockefeller, whereas Associated Bank, NA will become a Midwest mortgage lending referral partner, and Associated Trust Company will become one of Rockefeller's third-party trust solutions providers.
Both the companies will work jointly to introduce select lending and asset management solutions to their respective clients. Also, upon completion, Whitnell will become the primary Midwest office for Rockefeller's family office services.
"Our organizations possess a shared appreciation of the needs and goals of our clients. This partnership positions us to leverage our core capabilities through Rockefeller's network of clients and relationships." said Philip B. Flynn, president and CEO at Associated Banc-Corp.
Headquartered in New York, Rockefeller delivers global family office, asset management and strategic advisory services to ultra-high-net-worth individuals and families, institutions and corporations.
Tim O'Hara, president of the Rockefeller Family Office said, "There are many aspects to this new partnership that support our expectations for success,”. He also added, "Our decision to partner with Associated, coupled with a thoughtful approach to integration, will help ensure continuity of Whitnell's services during the transition, and access to additional client services moving forward."
Shares of Associated Banc-Corp have gained 33.4% in the past six months compared with 31% growth for the industry it belongs to.
Currently, Associated Banc-Corp carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
There has been a rise in restructuring activities in the finance sector. Last month,Wells Fargo (WFC - Free Report) agreed to sell its private student loan portfolio to investors, which will be serviced by Firstmark. The transaction is likely to close in the first half of 2021.
The Bank of New York Mellon Corporation’s (BK - Free Report) announced that it is set to sell its Canada-based wealth management business to Guardian Capital Group Limited. Closing of the deal is expected in first-quarter 2021 and is subject to regulatory approvals. Also, People’s United completed the divesture of People's United Insurance Agency to AssuredPartners. The all-cash deal worth $120 million was announced in September.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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