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Rating:With a $7.3B-AUM Deal,  a Chi-Town Shop's Team Doubles Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, January 12, 2018

With a $7.3B-AUM Deal, a Chi-Town Shop's Team Doubles

Reported by Kenny He

Philip L. Hildebrandt, CEO of Chicago, Illinois-based Segall Bryant & Hamill, LLC (SBH), is sealing a deal for SBH to buy Denver Investments [profile].

Employee-owned Denver Investments, based in Denver, Colorado, manages $7.3 billion in AUM, as of December 31, 2017. The pricing and terms of the deal were not disclosed, though it includes a mixture of equity and cash. The deal will effectively increase SBH's size by nearly 60 percent to $19.7 billion in AUM.

Westcore Funds, which is advised by Denver Investments, will also become part of the SBH mutual fund family. Both Westcore Funds and Denver Investments' brand will switch to the SBH funds brand after the acquisition. The deal is expected to close in the second quarter of 2018.

RBC Capital Markets advised Denver Investments on the deal, while Goodwin Proctor provided legal counsel. SBH did not work with an investment bank on the deal.

In terms of leadership, the oversight committee at Denver Investment will now move under the leadership of Hildebrandt. Hildebrandt explains that the move will allow the eight key value generators to re-focus their efforts to solely bringing in revenue instead of dividing their time between the committee and their job.

Cindy Knowlton, head of distribution at Denver Investment, confirmed that all key decision makers at Denver Investments will remain in place and a total of 69 employees will now be part of SBH. Hildebrandt expects that the combined firm will have an estimated 130 employees. The Denver offices will also be kept by SBH.

In an emailed statement, Knowlton tells the MFWire, "The investment approaches of each strategy will remain the same, and our investment teams will continue to run autonomously within a collegial framework, a value held essential by both Denver Investments and SBH."

"This acquisition represents an opportunity to bring together two culturally aligned organizations with complementary investment capabilities," states Hildebrandt. "The union will allow us to deepen our investment talent and broaden our investment offerings, geographical presence, client service, and distribution capabilities."

“Segall Bryant & Hamill places the same importance as we do on striving to deliver consistently attractive investment returns and establishing lasting client relationships through a strong service model,” states Derek Anguilm, PM and partner of Denver Investments. “We are excited about the opportunities presented by our combined talents and shared beliefs.”

"[We are] very excited because this is an opportunity to take two excellent firms to put them together to create premier investments that have exposure to both institutional and wealth management across the country," Hildebrandt says. He also adds that SBH will not be acquiring any more businesses for the time-being.

SBH, founded in 1994, previously acquired Trees Investment Council, a RIA firm based in Chicago, Illinois, and Philadelphia Independent Advisors, an international equity manager based in Center City, Philadelphia.  

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