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Drexel Morgan acquires McCabe Capital Managers

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Drexel Morgan, a Philadelphia-based financial holding company, has signed and closed on a definitive agreement for the acquisition of McCabe Capital Managers, a wealth management and investment advisory firm, also based in suburban Philadelphia.

With this acquisition, assets under management and advisement for Drexel Morgan and its subsidiaries now total more than USD8.0bn.

At the time of the acquisition, McCabe Capital had more than USD1.77bn in assets under advisement for a range of clients, including high-net-worth individuals and families, trusts, charitable organisations, endowments, and investment partnerships.

Drexel Morgan’s other subsidiary, The Haverford Trust Company, manages nearly USD6.3bn in assets through its Quality Investing strategy of portfolios and other investment options.

"I’ve watched Jim McCabe grow his business over the years and have the highest level of respect for the expertise and professionalism that he and his team have consistently exhibited," says George W. Connell, president, Drexel Morgan. "McCabe Capital’s longstanding relationships with leading global investment managers and funds, coupled with their expertise in macroeconomic analysis and international and alternative investments, will be a benefit to all clients within the Drexel Morgan brand going forward."

"For decades, our firm has admired the work of George Connell and his colleagues," says James McCabe, president of McCabe Capital Managers. "Like our firm, they are committed to upholding excellence in client service, the highest standards in ethics, and strategic investment advice that is custom-tailored for each client. We are thrilled about this opportunity as we know it offers our clients a very bright future."

Following the deal close, McCabe Capital will continue to operate as an independent division within the Drexel Morgan organisation. The firm’s founder and leadership team will continue to manage the business in their current roles.

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