According to a press release, Evergreen Investments is acquiring J.L. Kaplan Associates LLC for an undisclosed amount of cash. Kaplan has about $3 billion AUM for institutional and high net worth clients.
Evergreen said it expects the transaction to close in the fourth quarter.
James Kaplan, the founder and owner of J. L. Kaplan Associates LLC, and his colleagues will remain with the firm. Current management will also continue to run the company’s four domestic small and mid-cap equity products.
J. L. Kaplan will operate as a separately run asset-management firm and deliver its products under the J. L. Kaplan name, the press release said.
Evergreen Investments manages more than $215 billion in assets.