Marshall & Ilsley Corp. acquired a majority equity stake in fixed-income manager Taplin, Canida & Habacht, M&I spokeswoman Sara Schmitz confirmed. The transaction is expected to be completed later this quarter, subject to regulatory approvals.
Terms of the deal or the size of the stake could not be immediately learned.
Taplin, Canida principals Tere Alvarez Canida, Alan Habacht and William Canida will retain minority ownership.
Deutsche Bank Securities advised Marshall & Ilsley on the deal and the law firm of White & Case advised Taplin, Canida.
As of Sept. 30, Marshall & Ilsley Investment has $25.5 billion in assets under management and Taplin, Canida had $7.5 billion in assets under management.