Silvercrest Asset Management Group, an investment adviser, has agreed to acquire Milwaukee-based Cortina Asset Management LLC, a Milwaukee-based asset manager
NEW YORK, April 15, 2019 /PRNewswire/ — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company”) today announced that Silvercrest Asset Management Group LLC (“Silvercrest”) has entered into a purchase agreement to acquire substantially all of the assets of Cortina Asset Management, LLC (“Cortina”), an independent asset management firm based in Milwaukee, Wisconsin, managing $1.7 billion in small cap growth equity strategies.
Founded in 2004 by a highly regarded team of investment professionals, Cortina’s disciplined investment philosophy and process is unique to the marketplace, achieving highly successful results throughout market cycles. The Cortina Small Cap Growth and SMID Growth Strategies employ a “thematic based” approach to investing in vibrant and innovative growth companies. The Cortina Small Cap Opportunity Strategy utilizes a “franchise company” framework to capture established industry leaders with strong and growing cash flows.
“We have long sought the right partner to establish an innovative and high-caliber growth equity capability at the firm,” said Richard R. Hough III, Chairman and CEO of Silvercrest. “Silvercrest seeks to combine strong intellectual capital within a supportive partnership culture to benefit institutional and individual investors alike. We found terrific professionals at Cortina who are committed to their investment craft, to each other and to our partnership. We are excited to support their special talent and to further support and enhance their strategies in the marketplace, setting the stage for our next phase of growth.”
“In Silvercrest, we found a client-driven firm that acts and thinks just like us,” said John Potter, a Founding Principal of Cortina. “Solidifying our boutique investment management practice for our clients is our singular focus. We are delighted that we will invest, trade and service client assets in the same manner as we have since 2004. With Silvercrest, our investment team will enjoy deeper research resources and greater scale. As important, our employee-owner culture will seamlessly meld with the Silvercrest partnership model that works tirelessly for and with clients.”
Silvercrest was advised by Raymond James | Silver Lane and the law firm of K&L Gates LLP. Cortina was advised by Park Sutton Advisors and the law firm of Quarles & Brady LLP.
ABOUT SILVERCREST
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser, and as of December 31, 2018, Silvercrest reported $19 billion in assets under management on behalf of family and select institutional clients. With offices in New York, Boston, Virginia, New Jersey, and California, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser, and as of December 31, 2018, Silvercrest reported $19 billion in assets under management on behalf of family and select institutional clients. With offices in New York, Boston, Virginia, New Jersey, and California, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors.
From BizJournal
Cortina Asset Management to be sold to New York's Silvercrest for $44.9 million
Cortina Asset Management LLC of Milwaukee entered a purchase agreement to sell its assets to New York-based Silvercrest Asset Management Group LLC for $44.94 million.
Silvercrest announced its acquisition plans Monday in a press release and regulatory filing.
Cortina, founded in 2004, manages $1.7 billion in small cap growth equity strategies. In 2011, the firm expanded into New York City. At the same time, the company launched the Cortina Small Cap Value strategy and the Cortina SMID Value strategy.
Cortina was the 19th largest investment manager in the Milwaukee-area last year, ranked by assets managed from the local office as of Dec. 31, 2017.
Silvercrest said in a news release that it views Cortina’s investment philosophy and process as unique to the marketplace. The Cortina Small Cap Growth and SMID Growth Strategies use a “thematic based” approach to investing, Silvercrest said.
The Cortina Small Cap Opportunity Strategy uses a “franchise company” framework to engage established industry leaders.
John Potter, a founding principal of Cortina, said in the release that Silvercrest is a client-driven firm that acts and thinks the same as Cortina.
“Solidifying our boutique investment management practice for our clients is our singular focus,” Potter said. “We are delighted that we will invest, trade and service client assets in the same manner as we have since 2004. With Silvercrest, our investment team will enjoy deeper research resources and greater scale.”
Richard Hough III, the chairman and chief executive officer of Silvercrest, said his company had long sought a partner to establish an “innovative and high-caliber growth equity capability.”
“We found terrific professionals at Cortina who are committed to their investment craft, to each other and to our partnership,” Hough said. “We are excited to support their special talent and to further support and enhance their strategies in the marketplace, setting the stage for our next phase of growth.”
Silvercrest was founded in 2002 as an independent, employee-owned registered investment adviser, according to the release. As of Dec. 31, the company reported $19 billion in assets under its management.