Mesirow has added a high-net-worth and ultra-high-net-worth registered investment advisory firm in a deal which expands its wealth management offering.
The addition is Chicago-based Front Barnett Associates, founded in 1994 and led by Marshall B. Front, Mickey MacMillan and Peter Wahlstrom, which had more than $1.2 billion in assets under supervision as of June 30.
"We are excited to welcome the Front Barnett team to Mesirow," said Natalie Brown, Mesirow CEO. "Their capabilities and commitment complement our firm's 86-year history of advising families, entrepreneurs and non-profits on their most important financial goals, and this acquisition aligns well with our focus on comprehensive, personal financial planning."
The new team’s capabilities will give Mesirow clients access to fundamentally driven, actively managed equity and fixed income strategies while Front Barnett clients will continue to benefit from the capabilities and client service they know, while gaining a prominent parent firm with deep resources, strong capital, and robust infrastructure.
Front Barnett will operate as a distinct platform within the broader Mesirow Wealth Management offering, branded as Front Barnett, A Mesirow Company. The transaction is expected to complete towards the end of September subject to customary closing conditions.
The existing Front Barnett leadership will also remain in place.
"Our partnership with Mesirow brings important benefits to our clients and firm," said Marshall B. Front, who founded the firm in 1994. "We will gain additional expertise and support in managing compliance, technology and administrative matters as we continue to seek competitive investment returns and deliver the high level of personalized financial advice and communications our clients expect."
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