WSFS Shops For Advisory Firms

NU Online News Service, Jan. 12, 2004, 12:20 p.m. EST – WSFS Financial Corp., Wilmington, Del., the parent company of Wilmington Savings Fund Society F.S.B., says it is in the market for midsize investment advisory firms.[@@]

WSFS has started its investment advisory effort by forming a new subsidiary, Montchanin Capital Management, that has agreed to acquire control over Cypress Capital Management, Wilmington, a firm that manages about $350 million in assets for wealthy individuals.

Montchanin is buying a majority stake in Cypress Capital for $1.2 million. Montchanin will buy the rest of Cypress Capital over 3 years at a price based on Cypress Capital’s performance, WSFS says.