New York based wealth management firm Tocqueville Asset Management has acquired a $1.3 billion AUM investment firm to expand its capabilities in the advisory space.
As part of the 40-year-old firm’s strategic growth plan to acquire high caliber teams to boost its research and investment talent, it has picked up the advisory team at Poplar Forest Capital, a firm founded in 2007 by Capital Group alumnus Dale Harvey.
Harvey will join Tocqueville as a member of its management committee and become a shareholder.
“Joining Tocqueville provides immediate and significant benefits for our clients,” said Dale Harvey, CEO and Founder of Poplar Forest Capital. “Tocqueville’s robust institutional research platform, personalized client service process, enhanced technology infrastructure, and experienced management team will allow us to deliver even greater value for clients. We are excited about the opportunities this partnership creates.”
Tocqueville delivers financial advice and services to individuals, families, and institutions worldwide and is an independently owned partnership, led by CEO Paul Kleinschmid who said the acquisition of Poplar Forest Capital is a significant step in the firm’s growth strategy.
“Tocqueville has a long history of attracting entrepreneurial investment professionals who share our healthy skepticism of fashionable investment trends and a dedication to bottom-up, absolute return-oriented portfolio construction. Dale’s team embodies this ethos and expands our investment capabilities. We are thrilled to welcome them into the Tocqueville family.”
Terms of the transaction were not disclosed.
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