Silvercrest Asset Management Group has agreed to acquire Cortina Asset Management, a Milwaukee-based small-cap growth equity manager with $1.7 billion in assets under management, a spokesman confirmed.
Under the terms of the deal, which is expected to close in early July, Silvercrest will pay Cortina $45 million, and then an additional $26 million over the next four years if Cortina meets certain benchmarks, according to an 8-K Silvercrest filed with the SEC.
"We have long sought the right partner to establish an innovative and high-caliber growth equity capability at the firm," said Richard R. Hough III, chairman and CEO of New York-based Silvercrest, in a news release. "We are excited to support (Cortina's) special talent and to further support and enhance their strategies in the marketplace, setting the stage for our next phase of growth."
John Potter, a founding principal of Cortina, added in the news release: "We will invest, trade and service client assets in the same manner as we have since 2004. With Silvercrest, our investment team will enjoy deeper research resources and greater scale. As important, our employee-owner culture will seamlessly meld with the Silvercrest partnership model that works tirelessly for and with clients."
Silvercrest had $19 billion in assets under management as of Dec. 31.
