TriState Capital Holdings | Stephens

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Fairness Opinion

TriState Capital Holdings

Value Not Disclosed 10/19/2016 Depository Complete
Public Companies
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Transaction Details

  • On October 19, 2016, TriState Capital Holdings, Inc. (NASDAQ: TSC) entered into a definitive agreement to acquire certain assets from Aberdeen Asset Management Inc.
  • The transaction is designed to expand the fixed income investment team and product offering of TriState Capital’s Chartwell Investment Partners business
  • Institutional accounts with about $4 billion in client assets under management (AUM) are expected to move from Aberdeen to Chartwell upon closing of the transaction
  • The six Philadelphia-based investment professionals who currently manage these domestic fixed-income assets have agreed to join Chartwell’s team upon transaction closing
  • With assets acquired from Aberdeen, Chartwell would have pro forma AUM of approximately
  • $14.8 billion and pro forma annualized run rate revenue of approximately $48.8 million at Sept. 30, 2016
  • The purchase price will be paid in cash based on 1.5 times the annual run rate revenues of the acquired assets at December 31, 2017. No consideration will be paid at transaction closing
  • Stephens Inc. provided a fairness opinion to TriState Capital’s Board of Directors

About the company

TriState Capital Holdings, Inc.

TriState Capital Holdings, Inc. (NASDAQ: TSC) is a bank holding company headquartered in Pittsburgh, Pa., providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $3.6 billion in assets, as of September 30, 2016, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $10.8 billion in assets under management, as of September 30, 2016, and serves as the advisor to The Berwyn Funds and Chartwell Mutual Funds. For more information, please visit

Sources: Company filings.
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