Wintrust to buy U.S. fund management unit from Rothschild

The deal was made after Wintrust approached Rothschild, Tom Zidar, chairman and CEO of Wintrust Wealth Management, said in an interview. The European company, which has two offices in London and Paris, had previously made it known that it did not consider its US asset management business to be strategic, Zidar said.

And Wintrust was familiar with the Rothschild’s U.S. unit, having hired a former executive, Dan Oshinskie, as chief investment officer for fundamental equity strategies at Great Lakes Advisors a few years ago, Zidar said.

“He hired most people there,” Zidar said. “We really have a good idea of ​​what we’re buying.”

Terms were not disclosed.

Wintrust will retain the Rothschild unit headquarters in Stamford, Connecticut. This will give Wintrust Wealth Management a presence in the New York area, as well as its current locations in Tampa, Florida, and Chicago.

With more than $50 billion in assets, Rosemont-based Wintrust is the largest commercial bank still based in the Chicago area. Over the past 15 years, it has grown through numerous acquisitions of community banks. Over the past three years, Wintrust’s growth has been primarily organic.

This is Wintrust’s first acquisition in 2022. Last year, it made a single agreement, the acquisition of the Northbrook-based business of insurance giant Allstate, which lends to Allstate agents nationwide.

The Rothschild purchase is Wintrust’s largest in the wealth management space since 2002, when it bought both brokerage firm Wayne Hummer Cos. This company now bears the Wintrust brand. The takeover of Great Lakes Advisors took place in 2011 and Wintrust retained the Great Lakes name.

Wintrust is best known as a business lender and retail bank, but it looks like Rothschild will place the bank in the top 20 fund managers in the Chicago area.