West Bancorp. Inc. in West Des Moines, Iowa, closed its purchase of Investors Management Group, an asset management subsidiary of Amcore Financial Inc. in Rockford, Ill., the companies said Tuesday.
The deal's price was not disclosed.
The purchase fits into West Bancorp.'s existing wealth management business, complementing the money management services offered by the West Bank trust department and through its subsidiary VMF Capital, the Iowa banking company said.
"The purchase of IMG expands our comprehensive asset management solutions for insurance companies, foundations and endowments, pooled public funds, institutional investors, mutual funds, and high-net-worth customers," Thomas E. Stanberry, the president and CEO of West Bancorp., said in a press release.
IMG manages $4 billion of assets. It will continue to manage fixed-income investments for Amcore customers as well as Amcore Bank's bond portfolio.
