Johnson Financial Group in Racine, Wis., has agreed to buy the wealth management business of Cleary Gull Advisors.
Financial terms were not disclosed. The $4.1 billion-asset Johnson Financial expects the purchase to close in the first half of the year, pending approval from regulators and Cleary Gull's clients.
Johnson Financial, the holding company for Johnson Bank, will not acquire Cleary Gull's investment banking business.
Cleary Gull, in Milwaukee, holds about $2.1 billion in wealth-related assets under management. Its wealth management business includes a specialty division that provides advice to airline pilots.
Johnson Financial last year hired Cleary Gull's president and chief information officer, Brian Andrew, to serve as its own chief investment officer. Johnson Financial's wealth management division holds about $6.4 billion in wealth-related assets under management.