A $1.1B Deal Will Include a Multi-Boutique AM's 6th Shop
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Thursday, October 21, 2021

A $1.1B Deal Will Include a Multi-Boutique AM's 6th Shop

The publicly traded, broker-dealer parent of a multi-boutique asset manager is about to buy the publicly-traded bank parent of another asset manager.

Robert Daniel "Bob" Kendall III
Carillon Tower Advisers
Incoming President
Yesterday, Paul Reilly, chairman and CEO of Raymond James Financial, Inc., and Jim Getz, chairman and CEO of TriState Capital Holdings, Inc., revealed that St. Petersburg, Florida-based RayJay has agreed to buy Pittsburg-based TriState for about $1.1 billion in cash and stock. In terms of asset management, RayJay is the parent of Carillon Tower Advisers (led by president Bob Kendall), while TriState is the parent of Berwyn, Pennsylvania-based Chartwell Investment Partners (led by CEO and managing partner Tim Riddle).

The deal is expected to close next year. Raymond James and Associates advised RayJay on the deal, while Stephens Inc. advised TriState. On the legal counsel side, Sullivan & Cromwell LLP worked with RayJay, while Mayer Brown LLP worked with TriState.

As part of the deal, Chartwell will become one of Carillon Tower's independently branded and managed boutiques. (Carillon Tower already has five boutiques.) 24-year-old Chartwell has a team of more than 50 people and, as of June 30, $11.5 billion in AUM, so the deal is expected to boost Carillon Tower's AUM by about 17 percent to about $80 billion. Carillon Tower's has boutiques with various specialities, while Chartwell focuses specifically on bottom-up, fundamental investing (both equities and fixed income).

"Our clients will continue to benefit from working with the same talented teams and the TriState Capital and Chartwell brands they already know so well," Getz states.

According to the RayJay team, "Chartwell will leverage Carillon Tower Advisers' multi-boutique structure to increase scale, drive distribution, and realize operational and marketing synergies." And Riddle is expected to stay on as Chartwell's CEO

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