In an effort to expand its asset management business, The Chicago Corp. has acquired Philip V. Swan Associates Inc., Pasadena, Calif.
Swan manages more than $450 million for more than 300 clients, most of them families, wealthy individuals and small institutions. It will continue to maintain its own identity and operate independently.
Before forming his own firm, Mr. Swan spent 23 years with Lionel Edie & Co. At that firm, he served as executive vice president, director and manager of West Coast operations.
The Chicago Corp. has more than $3 billion under management for pension funds, endowments, foundations, insurance companies, wealthy individuals and families.
Robert Brehm, president of Chicago Corp.'s Asset Management Group, said Philip Swan Associates "has built an impressive record of steady growth in both clients and assets under management over the past 10 years. We have an interest in acquiring additional firms of this quality and focus."
The terms of the sale were not disclosed.
