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Home > BizTimes Daily > Archives > October 13, 2008
Marshall & Ilsley to acquire Florida wealth management firm
Published October 13, 2008 - BizTimes Daily
Marshall & Ilsley Corp. has signed a definitive agreement to acquire a majority interest in Miami, Fla.-based and Taplin, Canida & Habacht Inc.
After the closing of the transaction, the principals of TCH will continue to own a portion of the business. TCH will continue to conduct its business as Taplin, Canida & Habacht and will maintain its headquarters in Florida. In addition, TCH will continue to serve its current clients, and Tere Alvarez Canida will continue in her current role as president.
The transaction is expected to be completed in the fourth quarter of 2008, subject to regulatory approvals and other customary closing conditions.
TCH is an institutional fixed income money manager with approximately $7.5 billion of assets under management as of September 30, 2008. On a proforma basis, M&I will have approximately $32 billion in assets under management within M&I Wealth Management.
Terms of the acquisition were not disclosed, and the transaction is not expected to have a material impact on M&I's financial results. Substantially all of the initial payment by M&I is comprised of M&I common stock.
"We are excited to announce this strategic acquisition to expand our investment capabilities," said Kenneth Krei, senior vice president, Marshall & Ilsley, the Milwaukee-based parent company of M&I Bank. "Their products complement the array of top-performing investment strategies already offered within M&I Wealth Management. Our history of successful acquisitions, strong distribution capacity, and commitment to enhancing our businesses provides a solid platform for TCH."
"M&I's commitment to provide best-in-class investment management products and services means that TCH and our clients will benefit from greater financial resources," Canida said. "We are convinced that our strategic combination with M&I will position us for success for many years to come."
M&I is the largest Wisconsin- based bank, with 193 offices throughout the state. In addition, M&I has 52 locations throughout Arizona; 32 offices in Indianapolis and nearby communities; 31 offices along Florida's west coast and in central Florida; 15 offices in Kansas City and nearby communities; 24 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices in the greater St. Louis area.
