HARRISBURG, Pa. - Keystone Financial Inc. has agreed to buy Martindale Andres, a Philadelphia asset-management firm, and combine it with its own operation under a new entity called Martindale Andres & Co.
The new entity, with $2.2 billion in assets under management, will be based in West Conshohocken, Pa.
Martindale Andres, which was founded in 1989, provides equity, fixed- income, and balanced asset-management services to investors, mostly in the Northeast, using separately managed portfolios. The company currently manages four equity funds for Keystone, with assets of $150 million.
Keystone is the $4.7 billion-asset holding company for Keystone Mortgage Co., Key Trust Co., and six banks with 140 branches in Pennsylvania, Maryland, and West Virginia.