Berkeley Capital Management, an equity investment management boutique with $4.3 billion in assets under management, will acquire the $650 million investment advisory business of CapitalWorks Investment Partners, said Berkeley CEO Kevin Cuccias. The five-man CapitalWorks investment team, led by CIO John Wylie and portfolio manager Kenneth Applegate, will become the Harlingwood Capital Management division of Berkeley Capital. Terms of the transaction weren't disclosed.
The Harlingwood Capital team brings Berkeley Capital expertise in microcap, small-cap and smidcap growth equities, as well as small-cap hedge and convertible arbitrage portfolios. Berkeley Capital will be looking to further expand its lineup of institutional investment strategies by bringing on additional teams, according to interviews with Mr. Cuccias and Frank P. Hurst, who joined Berkeley Capital as president and director of marketing, a new position. Mr. Hurst — a co-founder of Duncan-Hurst Capital Management in 1990 who left that firm in 2005 — said Berkeley will look at opportunities as they emerge, with small-cap areas such as value, international and emerging markets among possible targets, along with more alternatives.
Berkeley Capital is majority owned by Lovell Minnick Partners.