Webster Financial Corporation subsidiary Webster Bank, has agreed to acquire New Haven-based investment management firm J. Bush & Co., which...

Webster Financial Corporation subsidiary Webster Bank, has agreed to acquire New Haven-based investment management firm J. Bush & Co., which will retain its name and operate as a division of the bank’s investment management group, Webster Financial Advisors. The terms of the transaction were not disclosed.

Founded in 1970 by Jonathan Bush, J. Bush & Co. was acquired by Riggs National Corporation in 1997, the troubled diplomatic specialist bank that was acquired earlier this year by PNC Financial Services Group after facing money laundering charges by the US government.

J. Bush & Co will retain all of its employees. The firm serves mostly high net worth individuals.

Webster Financial Corporation has $17.4 billion in assets under management and 153 banking offices.