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Article: MERGING FIRMS: Wellesley acquired by CRA;Consultants will retain their names and operate independently.(Brief Article)
- Article from:
- Pensions & Investments
- Article date:
- March 6, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- In a world with a shrinking number of investment management consulting firms, consultant Capital Resource Advisors Inc., Chicago, is expanding its capabilities with the acquisition of Wellesley Group Inc., Waltham, Mass.
CRA acquired Wellesley Feb. 29 at an undisclosed price from Ned Joachimi, chairman and chief executive officer, and Thomas Astley, senior vice president. They founded the firm in 1986.
Wellesley employees will have a chance to buy an equity stake in CRA at the same discounted price as CRA staff can, said C.R. Sonny Tucker, chief executive officer of CRA. He would not elaborate on the details.
Wellesley will keep its ...