R.E. Wacker's $475m pushes Pacific Capital's wealth-management AUM to $1.5b. Pacific Capital Bancorp (PCB) has agreed to pay $6.9 million for R.E. Wacker Associates a San Luis Obispo, Calif.-based RIA. The community-bank holding company will operate R.E. Wacker as a wealth-management subsidiary serving clients in the Central Coast area of California.

"Our company is committed to growing its private-wealth management capabilities in our Central Coast footprint, which is distinguished by a high-net-worth population," says Pacific Capital's president and CEO George Leis. "San Luis Obispo is a key market for our bank and for our Private Wealth Management strategy, and Bob's reputation and record throughout the community will add tremendous value to our franchise going forward."

Second RIA

The transaction will probably be completed in January 2008. R.E. Wacker's founder and president Bob Wacker and the firm's support staff will stay put.

R.E. Wacker isn't the first investment advisoru PCB has purchased. Last year it acquired Calabasas, Calif.-based Morton Capital Management.

Wacker says he's excited about joining PCB. "We expect that by combining our nearly $500 million in client assets with Morton Capital Management's $1 billion in client assets, we will collectively have greater access for our clients to particularly high-demand alternative investments, an area in which both firms have great interest and expertise."

R.E. Wacker was founded in 1988 and caters mainly to high-net-worth individuals.

PCB operates 50 branches in California under local brand names. -FWR

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