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Rockefeller Capital Management acquires Whitnell & Co.

Wednesday, January 06, 2021
Opalesque Industry Update - Rockefeller Capital Management announced it has reached a definitive agreement to acquire Illinois-based Whitnell & Co., a subsidiary of Associated Banc-Corp. A $1.4 billion wealth management, financial planning and multi-family office services firm, Whitnell provides affluent families across the Midwest with a complete set of multi-family office services centered around financial planning, wealth management and generational wealth transfer.

"The Whitnell team's planning-led focus, extensive experience, scope of services and location make it an excellent addition to our Family Office," said Timothy O'Hara, President of the Family Office of Rockefeller Capital Management. "The Midwest is a key region for our national expansion, as our footprint continues to geographically align with where Americans build businesses and create wealth. As we unite our businesses, we will be better positioned to serve our clients and offer robust solutions to solve for the complex challenges they may face."

Whitnell is Rockefeller's second family office acquisition, following the addition of Silicon Valley-based Financial Clarity in 2019. Rockefeller Capital Management has continued to expand its presence in the Midwest, opening its first Chicago-based Private Wealth Management office in October 2020.

Through a strategic partnership between Rockefeller & Co. LLC and Associated Banc-Corp, Whitnell will become a division of the Rockefeller Family Office and Associated Bank, NA will become a mortgage lending referral partner in the Midwest. The entire Whitnell team, approximately 25 professionals, including three advisor teams and three senior client advisors, will be joining Rockefeller.

"Associated looks forward to complementing Rockefeller's mission to provide sophisticated and customized services to their clients by being a preferred provider of mortgage lending and trust services for their clients," added John Thayer, Chief Executive Officer, at Whitnell.

Wachtell, Lipton, Rosen & Katz served as the legal advisor to Rockefeller, while HuschBlackwell was the legal advisor to Associated Banc-Corp. The transaction is subject to customary closing conditions and expected to close in March 2021.

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