NEW YORK - Chase Manhattan Corp. said Wednesday that its private banking operation has completed its acquisition of Goldman, Lichtenberg, Wasserman & Grossman Inc., a management firm for high-net-worth clients.
The Westwood, Calif., firm provides business management services such as bill paying, accounting, and tax preparation. It will be integrated within the wealth management consulting practice of the Chase Global Private Bank and will operate under the name Chase GLWG Personal Wealth Management. Plans for the acquisition were announced in May.
Chase is looking to the firm for personal financial management expertise as well as more California ties. Last year Chase bought the San Francisco investment bank Hambrecht & Quist, a specialist in emerging growth companies. The banking company recently hired Michael Polenske, formerly of J.P. Morgan, to head the private bank on the West Coast.
"The western region, and California in particular, is an extremely important market to us," said Maria Elena Lagomasino, head of Chase's private bank, which has had a referral relationship with Golden Lichtenberg for several years.