Susquehanna Bancshares Inc. in Lititz, Pa., said Wednesday that it has a deal to buy the investment management firm Stratton Holding Co. in Plymouth Meeting, Pa.
The price was not disclosed.
The privately owned Stratton Holding, which has $3 billion of assets under management, would become a wholly owned subsidiary of Susquehanna, increasing the banking company's total assets under management to $9 billion.
Stratton is the parent company of Stratton Management Co. and Semper Trust Co.; Susquehanna said Stratton Management would retain its name and its team of about 30 investment managers. James A. Beers, Stratton Management's president, would become its chief executive officer, and John A. Affleck, its chairman, would become president.
The unit manages and advises Stratton Mutual Funds and provides equity management for institutions, pensions, endowments, and high-net-worth individuals.
"The addition of Stratton brings Susquehanna increased diversification in our investment expertise, including experience in management of mutual funds," William J. Reuter, the chairman, president, and CEO of the $13 billion-asset Susquehanna, said in a press release. "By joining Susquehanna, Stratton will gain new channels to deliver their investment expertise, as well as additional financial services for their clients, such as private banking, leasing and insurance."
The deal is expected to close in the second quarter.
