Milwaukee-based Johnson Financial Group has announced that it will acquire Cleary Gull Advisors in a transaction expected to close during the first half of 2016.
Cleary Gull, a Milwaukee-based investment advisor and wealth management firm with approximately $2.1 billion in AUM, will continue to operate as Cleary Gull Advisors Inc., a Johnson Financial Company Group. Its investment banking division is not included in the acquisition.
“This move is part of our growth strategy for our wealth business and strongly demonstrates our commitment to the Milwaukee market,” said Tom Bolger, president and CEO of Johnson Financial Group. “It positions us to be a leading provider of investment advisory and retirement planning services.”
Michael Cleary will be named president of the new Cleary Gull Advisors group.
“What this means to investors and the marketplace is two legacy companies with deep roots in Milwaukee and Wisconsin will join forces, become bigger and better together and be able to grow in the best way,” said Cleary. “Plus, all of our clients, including our specialty practice focused on airline pilots, will now have access to the full breadth of services Johnson Financial offers, including banking and insurance.”
Johnson Financial Group is the parent company of Johnson Bank, which offers investment management, fiduciary trust and retirement plan services to more than 2,200 individual and institutional clients. After the acquisition, the company will administer more than $8.5 billion in client assets.