Drexel Morgan & Co. has acquired McCabe Capital Managers Ltd. to expand its wealth management and client services capabilities.
Drexel Morgan, a financial holding company, is based in Philadelphia. McCabe Capital, also in Philadelphia, is an independent wealth management and investment advisory firm. The purchase was announced Thursday. No price was disclosed.
McCabe Capital has been in business 28 years, providing investment management, manager selection and monitoring, asset allocation and advice to financial institutions and families around alternative investments and other niche asset classes.
McCabe Capital will operate as an independent division within Drexel Morgan. The firm's founder and leadership team will continue to manage the business in their current roles.
