WSFS Financial in Wilmington, Del., has bought the assets of West Capital Management in Philadelphia.
The $5.8 billion-asset WSFS said in a press release Monday that West Capital is a fee-only wealth management firm that operates under a multi-family office philosophy. WSFS did not disclose the price it paid.
Matthew West, who founded the wealth management firm in 1994, will remain its president.
"This partnership significantly bolsters our wealth management capabilities and is consistent with our objective of becoming a premier provider of products and services that enable our Customers to meet their financial goals," said Rodger Levenson, chief corporate development officer at WSFS. "This all-cash transaction is consistent with [our] communicated strategy on fee-based acquisitions and will be immediately accretive to EPS and ROA."
WSFS agreed in August to buy an investment adviser in Delaware.