Evergreen Investments acquired J.L. Kaplan Associates, an asset management firm that runs $3 billion for institutional and high-net-worth clients. Terms of the cash transaction were not disclosed.
Bill Ennis, Evergreen president and CEO, said the acquisition of the value-oriented boutique plugs a gap in its institutional capabilities. The transaction is expected to close in the fourth quarter.
James Kaplan, J.L. Kaplan founder and owner, and his colleagues will remain with the firm, which will operate independently and retain its name.
Evergreen will distribute J.L. Kaplans four equity separate account products.