Drexel Morgan & Co. announced on Thursday that it acquired McCabe Capital Managers, Ltd. To expand the firm’s wealth management and clients services capabilities.

Drexel Morgan, the Philadelphia, PA financial holding company, announced that it signed and closed on a definitive agreement for the acquisition of McCabe Capital, an independent wealth management and investment advisory firm, also based in Philadelphia. McCabe Capital has been in business for 28 years, providing investment management, manager selection and monitoring, asset allocation, and advice to financial institutions and families around alternative investments and other niche asset classes.

Assets under management and advisement for Drexel Morgan & Co. and its subsidiaries now total more than $8 billion.

Drexel Morgan’s other subsidiary, The Haverford Trust Company, manages nearly $6.3 billion in assets.

“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,” said George W. Connell, President, Drexel Morgan & Co., in a press release.

“This acquisition allows us to provide a wider range of actively managed investment solutions to our clients, and also strengthens the foundation Drexel Morgan has in place as we focus on building and protecting our clients’ wealth for generations to come,” said McBee Butcher, Jr., Vice President of Drexel Morgan & Co.

Following the close of the deal, McCabe Capital will continue to operate as an independent division within Drexel Morgan. The firm's founder and leadership team will remain in their current roles.