The Bank of New York today announced that it has signed a definitive agreement to acquire Gannett Welsh & Kotler, Inc, a privately held asset management firm based in Boston, Massachusetts. Terms were not disclosed. The transaction confirms the Bank’s commitment to provide a wide range of customized investment solutions to individuals and institutions worldwide.
Gannett Welsh & Kotler (GW&K) manages approximately $5 billion for high-net-worth individuals and small to mid-sized institutions located in the Boston area and nationwide. A registered investment advisor founded in 1974, GW&K offers both fixed income and equity portfolio management services. Its distinctive fixed income service, focusing on capital preservation and tax-advantaged returns for individually managed accounts, has made it one of the largest independent fixed income managers in the United States. GW&K distributes its products directly through its own relationships as well as through approximately 60 distribution partnerships with firms offering wrap products.
Newton P. S. Merrill, senior executive vice president of The Bank of New York, said, “Gannett Welsh & Kotler will provide us with its distinctive fixed income management style, which will expand the alternatives in this area for our current and prospective clients. In addition, GW&K’s current clients will be able to access the full array of The Bank of New York’s products and services.
We are also delighted to add the experience and knowledge of GW&K’s management team to BNY Asset Management.
The addition of GW&K to BNY Asset Management will increase our assets under management to approximately $72 billion.”
Harold Kotler, president of GW&K, said, “We are very excited about our alliance with The Bank of New York.
Having been independent for twenty-eight years, we take great pride in our entrepreneurial spirit and our commitment to our clients. The partnership with The Bank of New York will enable us to offer a full array of financial products, which our clients require in this increasingly complex financial world.”
Ben Gannett, executive vice president and founding partner of GW&K, said, “We are pleased to have found a partner in The Bank of New York who shares our values and client oriented culture, which has been so important to our success over the past three decades.”