Benzinga | Jan 5, 2021 04:30PM EST

Associated Banc-Corp Reports Strategic Deal With Rockefeller Capital

Associated Banc-Corp (NYSE:ASB) ("Associated") announced that it has entered into an agreement whereby it will sell its wealth management subsidiary Whitnell & Co. ("Whitnell") to Rockefeller Capital Management ("Rockefeller") and form a strategic partnership with Rockefeller.



Pursuant to the acquisition agreement, Rockefeller will acquire Whitnell, and Associated Bank, NA will become a Midwest mortgage lending referral partner and Associated Trust Company will become one of Rockefeller's third-party trust solutions providers. Both parties also plan to collaborate on introducing select lending and asset management solutions to their respective clients. Terms of the transaction, which is expected to close in March of 2021, were not disclosed.

Whitnell is a wealth management and multi-family office services firm based in Oak Brook, Illinois with $1.4 billion of client assets under management. The company was founded in 1988 and acquired by Associated in 2017. Its team of approximately 25 professionals provide ultra-high-net-worth clients with wealth management services including financial planning, asset management, generational wealth transfer and family office services. Upon closing of the transaction, Whitnell will become the primary Midwest office for Rockefeller's family office services.

Rockefeller is a leading independent, privately-owned financial services firm offering global family office, asset management and strategic advisory services to ultra-high-net-worth individuals and families, institutions, and corporations. Based in New York, the firm has 19 offices in 14 states and is responsible for in excess of $69 billion in client assets.

"Our organizations possess a shared appreciation of the needs and goals of our clients," said Philip B. Flynn, president and CEO, Associated. "This partnership positions us to leverage our core capabilities through Rockefeller's network of clients and relationships."

"The Whitnell family services business model is an excellent match for our organization and our clients," said Greg Fleming, CEO, Rockefeller. "We look forward to welcoming the Whitnell team and leveraging their expertise as we grow our Chicago market presence."

Rockefeller recently expanded its services into the Chicago market. The addition of Whitnell will significantly enhance Rockefeller's presence in the Midwest.

"There are many aspects to this new partnership that support our expectations for success," said Tim O'Hara, President of the Rockefeller Family Office. "Our decision to partner with Associated, coupled with a thoughtful approach to integration, will help ensure continuity of Whitnell's services during the transition, and access to additional client services moving forward."

Wachtell, Lipton, Rosen & Katz served as the legal advisor to Rockefeller and HuschBlackwell was the legal advisor to Associated.