WSFS Financial has acquired the assets of West Capital Management, a Pennsylvania-based independent, fee-only wealth management firm.
West Capital will become a subsidiary of WSFS Financial as part of the deal, but will continue to operate as West Capital Management.
WSFS Financial executive vice president and chief corporate development officer Rodger Levenson said: “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.
“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.”
West Capital Management founder and CEO Matthew West said: “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.”
West will continue to serve as president of West Capital, while all members of the West Capital team will become WSFS Associates.
Established in 1994, West Capital offers customised solutions to serve the unique needs of institutions and high net worth individuals. The firm employs 17 staff.