Bryn Mawr Capital Management will expand to the Delaware beaches after acquiring the assets of the former Bell Rock Capital. | PHOTO COURTESY OF WSFS BANK
REHOBOTH BEACH – Bryn Mawr Capital Management, a wealth management arm of WSFS Bank, has acquired a Rehoboth Beach-based investment advisory firm that will expand its presence to southern Delaware for the first time.
Bryn Mawr closed an asset purchase agreement of the former Bell Rock Capital, a 17-year-old firm that was the subject of a U.S. Securities & Exchange Commission investigation over the trading practices of founder Cassandra Toroian last year. She has denied the charges levied by the securities regulator that she pegged losses to clients while personally retaining gains and is still fighting the federal case in court.
Toroian is not joining Bryn Mawr as part of the deal announced Tuesday, the terms of which were not disclosed.
The acquisition of Bell Rock Capital is the first for Bryn Mawr since it was acquired as part of a $976.4 million deal with WSFS Bank. The Wilmington-based WSFS sought to acquire the former Bryn Mawr Trust primarily due to the strength of its wealth management and trust offices.
As of March, Bryn Mawr had more than 1,000 clients with more than $2 billion in total assets under management, offering investment management, financial and estate planning, trust administration and consulting, asset protection, income and tax strategies, and balance sheet consulting through private banking.
Bell Rock Capital managed about $80.9 million in assets, according to its October 2022 regulatory filing.
Aside from an Airport Road office in coastal Delaware, Bryn Mawr will also establish a new presence in Boca Raton, Fla., with the former Bell Rock Capital staff.
Leading the southern Delaware expansion is financial advisor Jackie Blue, who is joined by senior investment advisors Andres Bonell and Sally Lawson, investment advisor Ellen Shea, and client service associate Irene Sole. The Florida office will be led by Jackie Reeves, director of retirement planning services.
“This acquisition bolsters our wealth management capabilities and expands our reach to better serve diverse clients across multiple regions,” Arthur Bacci, executive vice president and chief wealth officer of WSFS Bank, said in a statement announcing the deal. “This transaction is consistent with WSFS’ communicated strategy to grow its wealth business and will be immediately accretive to [earnings per share] and [return on assets].”
