Tristate Adds Six Aberdeen Money Managers Overseeing $4 BillionBy
Aberdeen narrows focus in U.S. as Philadelphia team shifts
Tristate says Chartwell’s AUM to climb to $14.8 billion
TriState Capital Holdings Inc. struck a deal with the U.K.’s Aberdeen Asset Management Plc to add a fixed-income group of six professionals in the Philadelphia region that oversees $4 billion in client assets.
The deal will boost assets under management at Pittsburgh-based TriState’s Chartwell unit to $14.8 billion, the buyer said Wednesday in a statement that didn’t disclose terms. TriState provides banking and investment-management services to commercial and institutional clients and wealthy individuals, and also has offices in New York and New Jersey.
“This is an outstanding opportunity to acquire domestic fixed-income assets and bring the seasoned investment professionals running them to our team,” Chartwell Chief Executive Officer Timothy Riddle said in the statement.
Aberdeen is narrowing its focus in the U.S. after a review of the fixed-income business. The deal includes the exit of the U.S. Core and Core Plus strategies, the company said in a separate statement by e-mail.
“We are delighted to have agreed to this transaction, as it is beneficial to both parties and
ensures a good outcome for all clients,” Bev Hendry, co-head of the Americas at the seller, said in the statement. “For Aberdeen, the sale allows us to apply greater focus on our U.S. Credit, Total Return Bond and High Yield strategies.”
The deal is expected to be completed by the first quarter of next year, TriState said.