Wintrust Financial Corp. of Lake Forest, Fla., announced Monday that its Wayne Hummer Asset Management unit has agreed to buy the assets of Advanced Investment Partners LLC of Safety Harbor, Fla., from State Street Global Alliance LLC.
Advanced is an investment manager that specializes in active "quantitative" equity strategy, which uses statistical and mathematical valuation methods and manages assets in tax-exempt and taxable accounts for institutional and private clients.
State Street Global Alliance LLC, a joint venture of State Street Corp. and Stichting Pensioenfonds ABP of Germany, invests in asset management firms.
The price of the deal was not disclosed. Wayne Hummer had $6 billion of assets under management as of Dec. 31.