The latest mergers, acquisitions and corporate actions in and around the wealth management sector.

Chesapeake Asset Management
Chesapeake Asset Management, the registered investment advisor, has bought fellow RIA Cherry Lane Capital. 

The financial terms were not disclosed, Chesapeake said in a statement. 

Cherry Lane Capital has offices in New York City and Boca Raton specializing in investment management and financial and retirement planning. After an initial investment in 2020, CAM purchased the remaining shares of Cherry Lane Capital, effective April 5, 2022. 

CAM, founded in 1998, serves families, endowments, and foundations. The Cherry Lane Capital transaction expands the firm's reach into the retail wealth management arena. Cherry Lane co-founders Jesse Christensen and Ryan Berman will join Chesapeake as partners to lead the firm's newly-established wealth management division.

"Cherry Lane has enjoyed impressive growth since its inception and over the past two years I was able to see first-hand how Jesse and Ryan run their business, their commitment to clients, and their investment philosophy which emphasizes long-term wealth creation,” Chesapeake's managing member Gerasimos Efthimiatos said.

Christensen and Berman left Morgan Stanley in 2017 to launch Cherry Lane Capital.