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Thursday, July 18, 2002|
Philly Firms Complete Merger
Walnut Asset Management has completed its merger with Addison Capital Management. The combined firm will operate as Walnut Asset Management from Walnut's existing location at One Penn Center. The combined firm, which has assets exceeding $800 million, will continue to provide wealth management services to high-net-worth individuals, endowments, foundations, retirement plans, public funds and insurance companies.
The merger lets Walnut expands the number of investment strategies it offers clients. New products include three funds (Large-Cap Value, Mid-Cap Value and Intermediate Fixed Income) and additional ETF products. The merger also puts Walnut in new distribution outlets including managed account platforms run by Schwab and FOLIOfn.
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