Whitnell is a $1.4bn wealth management, financial planning and multi-family office services firm


Whitnell is Rockefeller’s second family office deal. (Credit: Gerd Altmann from Pixabay.)

Rockefeller Capital Management has signed a definitive agreement to buy Illinois-based Whitnell, a subsidiary of Associated Banc-Corp.

Whitnell, which is a $1.4bn wealth management, financial planning and multi-family office services firm, offers affluent families across the Midwest US with a range of multi-family office services focused around financial planning, wealth management and generational wealth transfer.

Rockefeller Capital Management president of the Family Office Timothy O’Hara said: “The Whitnell team’s planning-led focus, extensive experience, scope of services and location make it an excellent addition to our Family Office.

“The Midwest is a key region for our national expansion, as our footprint continues to geographically align with where Americans build businesses and create wealth. As we unite our businesses, we will be better positioned to serve our clients and offer robust solutions to solve for the complex challenges they may face.”

Following the acquisition of Silicon Valley-based Financial Clarity in 2019, Whitnell is Rockefeller’s second family office deal.

With the latest deal, Rockefeller Capital Management has continued to expand its presence in the Midwest, following the opening of its first Chicago-based private wealth management office in October 2020.

Through a strategic deal between Rockefeller & Co. and Associated Banc-Corp, Whitnell will become a division of the Rockefeller Family Office, while Associated Bank will become a mortgage lending referral partner in the Midwest.

The complete Whitnell team comprising around 25 professionals, including three advisor teams and three senior client advisors, will join Rockefeller.

Whitnell CEO John Thayer said: “Associated looks forward to complementing Rockefeller’s mission to provide sophisticated and customized services to their clients by being a preferred provider of mortgage lending and trust services for their clients.

Wachtell, Lipton, Rosen & Katz acted as the legal advisor to Rockefeller, while HuschBlackwell served the legal advisor to Associated Banc-Corp.

The deal is subject to customary closing conditions and expected to complete in March 2021.