Brookfield-based JB Investment Management LLC has joined Chicago-based RMB Capital.
The transaction, which closed Oct. 1, was structured as a liftout of the four-employee team at JBIM, and the JBIM business entity will wind down operations, said Kate Demet, partner and chief marketing officer at RMB. The financial terms of the transaction were not disclosed.
JBIM is a fixed income-focused asset management firm with more than $550 million in assets under management. It will now operate as a division of RMB Asset Management, operating out of its existing Brookfield office. Jeffrey Bryden, president and chief investment officer of JBIM, who founded the firm in 2008, will serve as senior vice president and portfolio manager at RMB.
“We wanted to join a firm that supports our investment approach and that provides the operational infrastructure we need to manage our portfolios efficiently and serve our clients well,” Bryden said. “RMB fit the bill on all fronts.”
RMB is an independent investment and advisory firm with about $9.3 billion in assets under management. RMB’s businesses include wealth management, family office, asset management and retirement plan consulting. Its Asset Management division specializes in long-term, concentrated, active investment strategies. The company has offices in nine U.S. cities, including Milwaukee.
“With interest rates on the rise, fixed income investments are becoming more relevant than they’ve been in recent years, so it’s a good time for us to be expanding our fixed income capabilities,” said Richard Burridge Jr., founding partner, chief executive officer and co-chief investment officer of RMB Capital. “We’ve known Jeff and his team for a long time, and we share high standards for client service and investment selection.”
Last year, RMB acquired Milwaukee-based Jacobus Wealth Management and retained the office and leadership in Milwaukee. Demet said the Milwaukee transactions are not part of a larger strategy to expand into the Milwaukee market, but instead have been opportunistic.