Ziegler Capital Management has acquired control of Lotsoff Capital Management, the investment adviser to the Lotsoff Capital Management Micro Cap Fund. The transaction became complete June 10. [SEC filing]

The combined organization is called Ziegler Lotsoff Capital Management. Ziegler Capital CEO Scott Roberts is now the CEO of the combined firm.

As for the Lotsoff mutual fund, "there was no change in the day-to-day management of the Fund's investment portfolio as a result of the Transaction," according to the filing.

Lotsoff Capital Management was launched in 1981 as an interest rate risk consulting firm offering customized investment solutions. Its client base includes Taft-Hartley plans, endowments and foundations. It also has a high-net-worth clientele.

Ziegler Capital Management is backed by private equity firm Rizvi Traverse Management, the same private equity firm that partnered with Hugh Hefner to take Playboy Enterprises private.

In May of last year, Rizvi Traverse Management teamed up with Ziegler Capital's management team to buy a controlling stake in Ziegler Capital. Previously, Ziegler Capital was a wholly owned subsidiary of The Ziegler Companies.

In 2009, Ziegler did a deal with HighMark Capital Management, under which HighMark acquired eight North Track funds from Ziegler.  

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