The long-term principals at Marquette Asset Management (MAM), a wealth management firm based in Minneapolis, have purchased the business from UMB Financial Corporation of Kansas City, Mo. Terms were not disclosed.
The move marks the return of MAM to private ownership based in the Twin Cities. With nearly $1 billion under administration, MAM currently serves approximately 125 high-net-worth individuals and families, as well as foundation, endowment and institutional clients. The firm was founded in 2005 as part of Marquette Financial Companies, then owned by the Carl R. Pohlad family. In 2015, the Pohlad family sold Marquette Financial Companies, including MAM, to UMB Financial Corporation.
“With this ownership change, we return to our roots as a boutique wealth management firm that’s privately held and locally owned,” said Chris Vernier, president of MAM. Vernier is one of three principals purchasing the firm, along with Robert Rubenstein, managing director, and Jean Gullikson, managing director and chief compliance officer. All three have been with MAM from its inception.
“We learned from our founders, the Pohlads, that success depends upon building deep client relationships that are based on trust and preserved through superior service,” Vernier said. “We are especially grateful to our clients, not only for giving us the opportunity to provide them with wealth management services but also for their loyalty and friendship. Our new ownership structure will enable us to continue serving our clients effectively.”
Vernier added that the firm is now well positioned to grow and has recently added new key personnel, including Ann Wilczynski, J.D., managing director of client service; Abbey Spoo, C.F.P., senior vice president of relationship management and planning; and Jim Tatera, C.F.A., chief investment officer.