Brown Advisory and Alex. Brown Investment Management, two Baltimore investment firms, have announced that they will merge.
Alex. Brown's investment managers are to join the Brown Advisory team, the companies said Monday. Both firms serve institutional clients as well as high-net-worth individuals and families.
Combined, they would have about $18 billion of client assets and operate under the Brown Advisory name. The deal's terms were not disclosed. Both firms were once part of Alex. Brown & Sons but are now independent.
Brown Advisory was bought from BT Alex. Brown by its employees and directors in 1998, and Alex. Brown Investment Management was similarly purchased in 2001.
Alex. Brown's investment managers are to continue their flexible value approach in conjunction with Brown Advisory's large-cap value portfolio management team.
