New York, July 1, 2002 - Carret and Company, the New York-based money-management firm, announced today that it had acquired Manchester Capital Corporation, a New York money-management firm. Terms of the transaction were not disclosed.
The two firms have very similar client bases and investment philosophies, noted Carret Chief Executive Officer W. Denman Zirkle. "It's a perfect fit," he said. Manchester has approximately $335 million in assets under management; the acquisition raises Carret's assets under management to more than $2 billion.
The clients of both firms include endowment and retirement funds, family and charitable trusts and private investors. Carret also represents Taft-Hartley retirement plans. The two firms follow conservative investment strategies and look for consistent long-term performance.
Zirkle said Wayne S. Reisner, Manchester's president and chief executive officer, and other Manchester principals will join Carret. Reisner will continue as president and portfolio manager of Sterling Capital Corp., a publicly traded closed-end mutual fund listed on the American Stock Exchange. He has held those positions at Sterling since 1985. Mr. Reisner will also continue as the chief portfolio manager for the Walter Scheuer family office.
Carret and Company is owned by Castle Harlan Partners III L.P., a private-equity investment fund organized and managed by Castle Harlan, Inc., the New York merchant bank. Carret was acquired by the Castle Harlan affiliate in 1997. Castle Harlan previously owned Delaware Investment Management from 1988 until 1995.