Wintrust buys asset management businesses

Rosemont, Ill.-based Wintrust Financial Corporation is acquiring two asset management businesses from the New York City-based financial advisory group Rothschild & Co. North America, Inc. 

A press release states that Wintrust’s subsidiary, Great Lakes Advisors, LLC, agreed to buy Rothschild & Co. Asset Management US Inc. and Rothschild & Co. Risk Based Investments LLC, investment managers with approximately $8 billion in assets under management. Following the transaction, Rothschild & Co. Asset Management U.S. will merge into and operate as Great Lakes Advisors, LLC. 

“We have been very pleased with the growth in our wealth and investment management businesses at Wintrust,” said Edward Wehmer, founder and CEO of the $52 billion Wintrust. “The addition of Rothschild & Co. Asset Management U.S. to our team at Great Lakes Advisors will bring further scale, capabilities and investment talent to the organization as it strives to deliver superior investment strategies to its growing institutional, intermediary, and private wealth clients.” 

The terms of the transaction, expected to close early next year, were not disclosed. 

“We are delighted to have executed this agreement,” said Rothschild & Co. Managing Partner Francois Perol. “Great Lakes will be an excellent home for our clients and our colleagues, and we wish them every success. As far as wealth and asset management is concerned, we will focus our efforts on our rapidly growing European business. Our global advisory and merchant banking business will continue to expand in North America and across the globe.”