Wintrust Financial has agreed to acquire two units of the investment firm Rothschild & Co. for an undisclosed amount, the company announced Monday.
The purchase of Rothschild’s U.S. asset-management and risk-based investment businesses, expected to close by the end of the first quarter of 2023, will add $8 billion in assets under management to Great Lakes Advisors, a subsidiary of Rosemont, Illinois-based Wintrust, a $52 billion-asset financial holding company.
The transaction “will bring further scale, capabilities and investment talent to the organization as it strives to deliver superior investment strategies to its growing institutional, intermediary and private wealth clients,” Wintrust CEO Edward J. Wehmer said.
Francois Perol, a managing partner at Rothschild, said Great Lakes would be “an excellent home for our clients and our colleagues, and we wish them every success.”
Perol said his firm will aim to expand its wealth and asset management division in Europe, while its global advisory and merchant banking business will continue to spread across North America.