Related Banc-Corp in Inexperienced Bay, Wis., has agreed to promote wealth administration unit Whitnell & Co. to Rockefeller Capital Administration.

The $35 billion-asset Related didn’t say how a lot Rockefeller would pay for Whitnell. However Related stated it might develop into Rockefeller’s Midwest mortgage lending referral companion, and its Related Belief unit will develop into one of many funding agency’s third-party belief options suppliers.

The transaction is predicted to shut in March.

Related purchased Whitnell in 2017. The Oak Brook, In poor health., unit manages about $1.4 billion in property for ultra-high-net-worth purchasers.

Some banks have been promoting their wealth administration items to put money into different companies. Umpqua Holdings in Portland, Ore., agreed in September to promote its wealth administration enterprise and redirect a number of the sources to core banking features.

“Our organizations possess a shared appreciation of the wants and targets of our purchasers,” Related CEO Philip Flynn stated in a Tuesday press launch asserting the Whitnell sale. “This partnership positions us to leverage our core capabilities via Rockefeller’s community of purchasers and relationships.”

Rockefeller is predicated in New York and manages greater than $69 billion of shopper property. The agency has been increasing round Chicago. The Whitnell operation will function its main workplace within the Midwest.