Convergent Capital Management Inc., Chicago, has acquired a majority interest in Mid-Continent Capital Inc., a Chicago-based money manager serving primarily high-net-worth individuals that has $500 million in assets.
Convergent - a holding company formed in late 1994 and financed by Allstate Corp. and Amway founder Richard Divoss - has controlling stakes in four money management firms. The assets of the four firms total $2 billion.
Mid-Continent was once a unit of former Chicago-based brokerage and investment banking house A.G. Becker.
- Crain News Service
