IBJ Whitehall Bank and Trust Co. has bought an investment boutique, it said Thursday - two days after its investment management division got a president.
The boutique is Campbell Advisors Inc. of New York, an investment adviser to wealthy individuals. IBJ Whitehall's Delphi Asset Management, a similar firm, was the buyer. Terms were not disclosed.
The $400 million of assets managed and administered by Campbell brings the total at IBJ Whitehall to about $4 billion, said Dennis G. Buchert, the president and chief executive officer of IBJ Whitehall Financial Group.
Warren J. Olsen started Tuesday as president of IBJ Whitehall Asset Management Group, reporting to Mr. Buchert.
Mr. Olsen, a former lawyer, cut his teeth in the investment business as the head of Morgan Stanley Asset Management Inc.'s mutual fund business from 1988 until 1997.
After leaving that job he co-founded Collegiate Capital Group Inc., a New York firm specializing in managing qualified state tuition programs. Mr. Olsen was selected after a one-year search for someone with "a track record in growing assets under management on the distribution and sales side," Mr. Buchert said.