MB Financial in Chicago has agreed to buy an asset management firm.
The $15 billion-asset company said in a press release Wednesday that it will buy MSA Holdings, the parent of MainStreet Investment Advisors and Cambium Asset Management. The price of the purchase, which is expected to close by Dec. 31, was not disclosed.
MB said it expects the deal to be slightly accretive to next year's earnings per share.
MainStreet provides investment advisory services for banks, independent trust companies and insurance firms. Cambium is a wealth management firm that serves individuals, families, foundations, endowments and institutions. The company's services include separate account management and retirement planning solutions.