GREEN BAY, Wis. and NEW YORK –– January 5, 2021 - Associated Banc-Corp (NYSE: ASB) (“Associated”) announced that it has entered into an agreement whereby it will sell its wealth management subsidiary Whitnell & Co. (“Whitnell”) to Rockefeller Capital Management (“Rockefeller”) and form a strategic partnership with Rockefeller.
Pursuant to the acquisition agreement, Rockefeller will acquire Whitnell, and Associated Bank, NA will become a Midwest mortgage lending referral partner and Associated Trust Company will become one of Rockefeller’s third-party trust solutions providers. Both parties also plan to collaborate on introducing select lending and asset management solutions to their respective clients. Terms of the transaction, which is expected to close in March of 2021, were not disclosed.
Whitnell is a wealth management and multi-family office services firm based in Oak Brook, Illinois with $1.4 billion of client assets under management. The company was founded in 1988 and acquired by Associated in 2017. Its team of approximately 25 professionals provide ultra-high-net-worth clients with wealth management services including financial planning, asset management, generational wealth transfer and family office services. Upon closing of the transaction, Whitnell will become the primary Midwest office for Rockefeller’s family office services.
Rockefeller is a leading independent, privately-owned financial services firm offering global family office, asset management and strategic advisory services to ultra-high-net-worth individuals and families, institutions, and corporations. Based in New York, the firm has 19 offices in 14 states and is responsible for in excess of $69 billion in client assets.
“Our organizations possess a shared appreciation of the needs and goals of our clients,” said Philip B. Flynn, president and CEO, Associated. “This partnership positions us to leverage our core capabilities through Rockefeller’s network of clients and relationships.”
“The Whitnell family services business model is an excellent match for our organization and our clients,” said Greg Fleming, CEO, Rockefeller. “We look forward to welcoming the Whitnell team and leveraging their expertise as we grow our Chicago market presence.”
Rockefeller recently expanded its services into the Chicago market. The addition of Whitnell will significantly enhance Rockefeller’s presence in the Midwest.
“There are many aspects to this new partnership that support our expectations for success,” said Tim O’Hara, President of the Rockefeller Family Office. “Our decision to partner with Associated, coupled with a thoughtful approach to integration, will help ensure continuity of Whitnell’s services during the transition, and access to additional client services moving forward.”
Wachtell, Lipton, Rosen & Katz served as the legal advisor to Rockefeller and HuschBlackwell was the legal advisor to Associated.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of nearly $35 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com
ABOUT ROCKEFELLER CAPITAL MANAGEMENT
Rockefeller Capital Management is a leading independent, privately-owned financial services firm offering global family office, asset management and strategic advisory services to ultra-high-net-worth individuals and families, institutions, and corporations.
FORWARD LOOKING STATEMENTS
Statements made in this press release which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding Associated’s plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” "target," “outlook” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. These forward-looking statements include: management plans relating to the pending sale of Whitnell described herein (“pending sale”); the expected timing of the completion of the pending sale; the ability to complete the pending sale; any statements of the plans and objectives of management for future operations, products or services; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Associated’s most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference. Additional factors which may cause actual results of the pending sale to differ materially from those contained in forward-looking statements are the possibility that expected benefits of the pending sale may not materialize in the timeframe expected or at all, or may be more costly to achieve; the pending sale may not be timely completed, if at all; that customary closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of shareholders, customers, employees or other constituents to the pending sale; and diversion of management time on acquisition-related matters.