Chartwell sold to TriState Capital for $60M
Chartwell Investment Partners, a Berwyn firm with about $7.5 billion in assets under management, is selling itself to TriState Capital Holdings Inc., a Pittsburgh banking company.
The total value of the deal is expected to be $60 million, with $45 million paid initially and an additional payment of $15 million depending on this year's performance, TriState said.
Chartwell was founded in 1997 by a group that left Delaware Investments. It's 40-plus employees are expected to join publicly-traded TriState. The deal is expected to close in the current quarter.
TriState, founded in 2007, has $2.2 billion in assets and additional offices in Philadelphia, Cleveland, Princeton, and New York. TriState's chairman, president and CEO is Jim Getz. - Harold Brubaker