WSFS Financial Corporation has acquired the assets of West Capital Management, a Philadelphia-based fee-only wealth management firm.
West Capital was founded in 1994 by Matthew West. The firm provides customized solutions tailored to the unique needs of institutions and high net worth individuals.
West Capital’s proprietary Tripod relationship model focuses on collaboration among its d Advisory, Investment Research and Wealth Planning departments.
The team includes a staff of 17, with numerous professional credentials. The company’s website lists other offices in New York City and Essex County in northern New Jersey.
Other wealth management businesses under the company’s umbrella are Christiana Trust, WSFS Wealth Investments, Powdermill Financial Solutions, LLC and Cypress Capital Management
“This partnership significantly bolsters our wealth management capabilities and is consistent with our objective of becoming a premier provider of products and services that enable our customers to meet their financial goals,” said Rodger Levenson, executive vice president, and chief corporate development officer. “From a financial perspective, this all-cash transaction is consistent with WSFS’ communicated strategy on fee-based acquisitions and will be immediately accretive to EPS and ROA.”
Matthew West, founder and CEO of West Capital Management said, “Partnering with WSFS is an exciting opportunity for us. Their dedication to customer service mirrors our commitment to our client relationships. WSFS continues to expand and diversify their wealth management offerings, growing their customer base and footprint in the region. Being an integral part of this is an honor for us and positions us for even greater success.”
Matthew West will continue to serve as President of West Capital Management and all members of the West Capital Management team will become WSFS Associates. The company will continue to operate as West Capital Management and will be a subsidiary of WSFS Financial Corporation.
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest, locally-managed bank and trust company based in the Delaware Valley.
As of June 30, 2016, WSFS Financial Corporation had $5.8 billion in assets on its balance sheet and $13.4 billion in fiduciary assets, including approximately $1.2 billion in assets under management.
As of August 15, 2016, WSFS operates from 77 offices and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.
The company has been building a diversified financial services business reminiscent of the old Wilmington Trust (now M&T), with a presence in wealth management as well as banking. The strategy also produces fee income that is badly needed as interest rates remain low.
