Drexel Morgan & Co. Acquires McCabe Capital Managers, Ltd.
Purchase Enhances Firm's Wealth Management, Client Service Capabilities
RADNOR, Pa., Aug. 5 /PRNewswire/ -- Drexel Morgan & Co., the suburban Philadelphia, PA-based financial holding company, announced today that they have signed and closed on a definitive agreement for the acquisition of McCabe Capital Managers, Ltd., ("McCabe Capital"), an independent wealth management and investment advisory firm, also based in suburban Philadelphia.
With this acquisition, assets under management and advisement for Drexel Morgan & Co. and its subsidiaries now total more than $8.0 billion. At the time of the acquisition, McCabe Capital had more than $1.77* billion in assets under advisement for a diverse range of clients, including high-net-worth individuals and families, trusts, charitable organizations, endowments, and investment partnerships. Drexel Morgan & Co.'s other subsidiary, The Haverford Trust Company, manages nearly $6.3 billion in assets through its Quality Investing strategy of portfolios and other investment options.
"I've watched Jim McCabe grow his business over the years and have the highest level of respect for the expertise and professionalism that he and his team have consistently exhibited," said George W. Connell, President, Drexel Morgan & Co. "McCabe Capital's longstanding relationships with leading global investment managers and funds, coupled with their expertise in macroeconomic analysis and international and alternative investments, will be a benefit to all clients within the Drexel Morgan brand going forward."
McCabe Capital, with a 28 year history of serving clients, provides investment management, manager selection and monitoring, asset allocation, and other financial services. Additionally, the firm provides advice to financial institutions and families around alternative investments and other niche asset classes.
"This acquisition allows us to provide a wider range of actively managed investment solutions to our clients, and also strengthens the foundation Drexel Morgan has in place as we focus on building and protecting our clients' wealth for generations to come," said McBee Butcher, Jr., Vice President of Drexel Morgan & Co.
"For decades, our firm has admired the work of George Connell and his colleagues," said Jim McCabe, President and Founder, McCabe Capital Managers, Ltd. "Like our firm, they are committed to upholding excellence in client service, the highest standards in ethics, and strategic investment advice that is custom-tailored for each client. We are thrilled about this opportunity as we know it offers our clients a very bright future."
Following the deal close, McCabe Capital will continue to operate as an independent division within the Drexel Morgan & Co. organization. The firm's founder and leadership team will continue to manage the business in their current roles.
About Drexel Morgan & Co.
Drexel Morgan & Co. is a Financial Holding Company whose subsidiaries' assets under management and advisement now total more than $8.0 billion. Its subsidiary, The Haverford Trust Company, is a member bank of the Federal Reserve System. Through the wholly owned Haverford Trust Company, McCabe Capital Managers, Ltd., and other relationships with accounting firms, law firms and asset managers, Drexel Morgan & Co. provides today's sophisticated investors with a wide array of customized investment solutions to accomplish their financial goals and objectives. As a fiduciary, Drexel Morgan & Co. offers personalized service to its clients with a special emphasis on discretion, privacy and confidentiality. For more information, visit www.DrexelMorgan.com.
*As of June 30, 2010, McCabe Capital assets of $1.77 billion included approximately $1.25 billion in assets under direct management and approximately $520 million of consulting assets under McCabe Capital's supervision.
SOURCE Drexel Morgan & Co.
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