Mid-Continent Capital and Bufka & Rodgers, both money management affiliates of Convergent Capital Management, agreed to merge into one investment management organization. Bufka & Rodgers will operate as part of Mid-Continent Capital but will retain its name. Bufka & Rodgers' employees and operations will move into Mid-Continent Capital's offices this summer, said Lawrence Brottman, co-CEO of Mid-Continent. The firms will have 22 employees and roughly $1.8 billion in assets under management under the combined organization. Convergent Capital Management will remain the majority owner. Financial terms were not disclosed.
The two firms have similar investment processes and philosophies as well as a similar base of institutional and high-net-worth clients. Combining the two firms will deepen and improve research and investment capabilities, Mr. Brottman said. Also, the combined assets will help gain more business with institutional investors, he added.
Mr. Brottman and Edwin Bruere, Mid-Continent's vice president of investments, will be co-CEOs of the combined organization. David Mead, president of Bufka & Rodgers, will be president. John Mabie, Mid-Continent Capital's founder, will remain chairman of the board, and Carl Bufka will remain a senior adviser.