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

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

With this acquisition, assets under management and advisement for Drexel Morgan and its subsidiaries now total more than $8bn.

George Connell, president of Drexel Morgan, said: "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.

"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.”