Associated Banc-Corp Completes Wealth Manager Deal

Robbie Lawther

4 October 2017

Financial services firm Associated Banc-Corp has completed the acquisition of Whitnell & Co, a wealth management and multi-family office services firm based in Oak Brook, Illinois. This publication reported on the deal in September.

Whitnell will be part of Associated's private client and institutional services group and will enhance Associated's financial services operations related to tax, charitable and estate planning, Associated said in a statement.

The acquisition is expected to increase both Associated assets under management and related run-rate revenue by more than 10 per cent, the firm said. The transaction is not expected to have an impact on Associated's 2017 earnings and is expected to enhance Associated's 2018 earnings.

The financial terms of the deal were not disclosed.

"The acquisition of Whitnell aligns with our continued focus on improving the customer experience and strategy to drive shareholder value through a diverse set of specialty businesses," said Philip Flynn, president and chief executive, Associated. "With the addition of Whitnell, we can offer a unique set of additional planning, asset management and related services to high net worth clients across our markets."