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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Boyd Watterson Asset Management, LLC
  • Mercantile Bankshares Corporation
  • Institutional Advisor
  • January 22, 2003
  • $3.8 Billion

Seller Details

Founded in 1928, Boyd Watterson Asset Management is a Cleveland-based institutional asset management firm with approximately $3.8 billion of discretionary and advisory assets under management. BWAM clients are primarily institutional in nature, including Taft-Hartley accounts, corporate retirement plans, endowments and foundations and public funds, although the Company also provides asset management services to high net worth individuals. The asset mix of the Company’s discretionary clients is approximately 40% equity and 60% fixed income. The Company has developed a diverse client composition throughout the Midwestern and Northeastern U.S. BWAM currently has 29 employees, including 15 investment professionals.

Buyer Details

Mercantile Bankshares Corporation is a regional multi-bank holding company headquartered in Baltimore. Its banking subsidiaries provide a variety of personal and corporate banking services through operations in Maryland, Delaware and Virginia. Additionally, Mercantile Bankshares provides trust and investment services and mortgage banking services to its clients. Nearly all of the wealth and investment management activities of the bank are performed by its largest banking affiliate, Mercantile-Safe Deposit and Trust Company, which had approximately $15.4 billion in discretionary assets under management and $35.4 billion in total assets under administration as of September 30, 2002. Additionally, Mercantile Capital Advisors, Inc., an affiliate of MSDT, provides investment management capabilities and manages the MSDT line of mutual funds.

Transaction Summary

BWAM sought a partner in order to leverage its fixed income and equity management capabilities through a broader distribution base as well as address succession planning and provide liquidity. Mercantile Bankshares Corporation acquired BWAM because of the leverage created by its complementary product line and client base.

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