Short Takes: IBJ Schroder Acquires Delphi of New York

IBJ Schroder Bank and Trust Co., New York, announced that it had acquired Delphi Asset Management last week for an undisclosed price. Delphi, which manages $1 billion of assets and employs 20, will retain its name and operate as a separate subsidiary.

The New York firm, founded in 1980 by Thomas B. Slaughter and Marc Keller, primarily manages assets for individuals and private foundations. Besides individual accounts, Delphi manages two hedge funds, a domestic fund, and an international fund.

Innovest Capital Management, the investment management arm of IBJ Schroder Bank and Trust, a $2.5 billion-asset subsidiary of Japan's IBJ Group, manages $3 billion of assets. Innovest, which also manages separate accounts as well as three hedge funds, mostly works for institutional investors.

In addition to broadening the bank's clientele to include more individuals, the Delphi acquisition accelerates the growth of its asset management business, said Charles Porten, chief investment officer of IBJ Schroder.

"It's a very high-quality operation with a long, well-established client base, specialized product, and a reputation for exceptional client services, which is consistent with what we strive to do," Mr. Porten said. "The chemistry fit very well."

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