Family Office
Bush family money manager changes hands
Deal comes days after PNC acquires Bush & Co.’s parent Riggs.
Waterbury, Conn.-based Webster Bank has agreed to buy J. Bush &
Co. of New Haven, Conn., a firm founded by the U.S. president’s
uncle. The deal comes less than a week after PNC Financial
Services Group bought Riggs National Corporation, Bush & Co.’s
erstwhile parent. Webster plans to make Bush & Co., an investment
manager to high-net-worth private clients and institutions, a
significant regional player in the Northeast.
The terms of the transaction weren’t disclosed.
Jonathan Bush founded Bush & C. in 1970. Riggs bought it outright
in 1997, and it operated as an autonomous subsidiary. PNC
formally acquired Riggs last Friday. Bush, who remains CEO of
Bush & Co., is an uncle of U.S. president George W. Bush and a
brother of former president George H.W. Bush.
“Our priority has always been to meet our clients’ financial
needs, and Webster is a like-minded partner,” says Bush. “As we
grow throughout Webster’s markets in Connecticut, New York, Rhode
Island and Massachusetts, our clients will benefit from access to
the array of products, services and resources available from the
largest independent bank based in New England.”
Bruce Wolfe says that Webster is “pleased to partner” with Bush &
Co. “Webster will benefit from Jon and his team’s leadership and
knowledge as we look to deepen our investment advisory presence
in Connecticut and across the Northeast,” he adds.
Bush & Co. will retain all its employees, according to
Webster.
Last year Webster bought Phoenix National Trust from Phoenix, a
Hartford, Conn.-based asset manager and insurance underwriter. In
2003 Webster paid $30 million for Stratford, Conn.-based North
American Bank & Trust.
Webster Bank is the principal subsidiary of the Webster Financial Corporation. It provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 153 banking offices in New England. As a wealth manager, Webster targets investors with between $1 million and $10 million in liquid assets. –FWR
