TriState Capital Holdings in Pittsburgh has agreed to buy asset management firm Killen Group in Berwyn, Pa.
The $3.1 billion-asset TriState said in a press release Thursday that it will pay $30 million to $35 million in cash for Killen, based on conditions tied to the asset manager's cash flow. The deal is expected to close in the second quarter.
Killen will be combined with TriState's Chartwell Investment Partners, which together will have investment management fees of $44.3 million. The combined firms' assets under management would total about $10 billion.
Killen is adviser to The Berwyn Funds, and provides portfolio management and investment advice to other clients.
Stephens Inc. and Keevican Weiss Bauerle & Hirsch advised TriState. Fox Rothschild was Killen's legal counsel.