... We look forward to leveraging Rosemont’s expertise to help our clients reach their long-term goals
West Conshohocken, PA (PRWEB) September 06, 2016
Rosemont Investment Partners, LLC (Rosemont) and Wilbanks Smith & Thomas Asset Management, LLC (WST) are pleased to announce that, effective September 1, Rosemont assumed a minority stake in the Norfolk-based asset manager.
“WST impressed us deeply as an organization, and for years we have watched with interest as they grew steadily,” said Rosemont’s Chas Burkhart, founder of the Pennsylvania-based private equity firm. “We have great confidence in their respected wealth management brand, and we see exciting potential for their ETF strategy business.”
Founded in 1990, WST has decades of experience serving as a wealth manager for individual and institutional clients, and in recent years the firm has launched, through its WST Capital Management division, a platform of risk-managed strategies that leverage ETFs for cost-efficient, liquid execution.
“We are delighted by this milestone in our history, and we look forward to leveraging Rosemont’s expertise to help our clients reach their long-term goals,” said Wayne Wilbanks, co-founder and CEO of WST. “As we work to develop a responsible, client-first strategy for managing business growth, we know we will benefit immensely from their support.”
Wilbanks shared that this sale of equity occurred solely between Rosemont and the former minority partner. The transaction involves no other impact to equity ownership, and in particular does not affect the interests of Wilbanks or other WST principals.
About Rosemont Investment Partners, LLC
Rosemont is a specialist private equity firm focused exclusively on making investments in asset and wealth managers. Rosemont typically takes minority positions in support of management buyouts, recapitalizations, ownership transitions, and selected NewCos. In addition to providing capital, Rosemont leverages 30 years of advising and investing in asset management businesses. WST is Rosemont’s 27th investment.
About Wilbanks Smith & Thomas Asset Management, LLC
Founded in 1990, WST is a registered investment advisor providing wealth management, investment advisory and capital management services to individuals, institutions and intermediary partners. WST Capital Management, the firm’s in-house investment boutique, offers a platform of risk-managed ETF portfolio strategies aimed at providing the Bridge Between Protection and Growth®. WST is headquartered in Norfolk, Virginia, with additional offices throughout Virginia and North Carolina.