Milwaukee-based Jacobus Wealth Management has agreed to be acquired by Chicago-based RMB Capital, the companies announced today.
Jacobus has about $860 million in assets under management, and RMB has about $8.4 billion in assets under management.
The transaction is expected to close Nov. 30, and the sale price was not disclosed. Jacobus is currently majority owned by founder Richard Jacobus, while leaders Peter Bach and Dan Matola have a minority stake.
Jacobus Wealth Management’s Milwaukee office will change its name to RMB Jacobus. All of Jacobus’ 13 employees will be retained, including its leadership. The company was founded in 1985 by Richard Jacobus, chairman emeritus, originally just to serve several generations of the Jacobus family. In 1996, JWM became a registered investment adviser and expanded to include other investment advisory and family office services. Now also offering tax and financial planning, with additional locations in Wayzata, Minnesota and Hobe Sound, Florida, the firm is led by Peter Bach, chairman and chief executive officer, and Dan Matola, president and chief investment officer.
The Wayzata Jacobus branch will be absorbed into the RMB office in Minneapolis. The Jacobus office in Florida will close and that employee will retire.
RMB Capital offers independent wealth management, asset management and retirement plan consulting. In addition to its Chicago headquarters, RMB has offices in Lake Forest, Illinois; Oakbrook Terrace, Illinois; Minneapolis; Denver; Jackson Hole, Wyoming; New York; and Washington, D.C. It has more than 180 employees.
“JWM is well-known in Milwaukee, where the team has established a reputation for the quality of service they provide to their clients,” said Richard Burridge, Jr., founding partner, CEO and chief investment officer. “My longtime colleague and RMB partner Jeff Pearsall has known senior executives from JWM for more than a decade, and it’s a great fit from a philosophical and cultural perspective. We are excited to work together. JWM also brings deep expertise in family office services, which is invaluable as we continue to develop that practice at RMB.”
“We take a diligent and thoughtful approach in preparing and investing for our clients’ future, and we’ve done the same in evaluating this opportunity for our business going forward,” Bach said. “RMB holds themselves to the same high standards of service that we do—and that our clients deserve and expect. The caliber and depth of RMB’s team is remarkable, and we are excited for the opportunity to tap into their investment, planning, and operations resources for the benefit of our clients.”
